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ASIC v ISX Hearing, page-661

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ZMan

3,605 Posts.

768

10/03/23

16:03

Post #: 66702413
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Originally posted by ALeeG: ↑

From looking at it, the auditors may have made an error: they allowed one-of revenue to be classified as recurring. I actually kept my shares at the time on the basis that the revenue was recurring, and I think (from memory, it was ages ago now), the shares issued to the ISX team was on the basis that the revenue was recurring.
If that is what they're going after, then there's a good chance they're going to win. It became quite clear in the aftermath that revenue was, in fact, one-of.
@ZMan

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There is no accounting standard, breakdown in financial reports or auditing of one-off vs recurring revenue.

So you cant blame the auditor.

ASIC did not claim the “15% recurring revenue” to be “serious”
My understanding is that even if they are found guilty on this issue, there will be no penalty imposed. Others may be able to confirm/clarify this.

SP1 Price at posting: $1.07 Sentiment: Hold Disclosure: Held
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