Okay, so we must assume the court had enough evidence of wrongdoing for a ruling to grant the travel restriction and refer to the matter before a judge in August.
This should not prevent DUB from communicating updates to shareholders about where the $26M was supposed to be held, who it was trusted to, where it is now, and what chance of recovery.
More concerning, for now, is the lack of a half-yearly audited report. If the issue was only the missing $26M, wouldn’t they only need to restate the ‘cash on hand’ or ‘call deposits’ balance, to reflect the truth, and then move forward? I am guessing they may be trading insolvent and must complete the CR before they are unsuspended.
Even with the quick $1.5M AW bridging loan to keep lights on, and the recovered $3.4M, by quick calculation, $1.5M + $3.4M = call it $5M is cash on hand, then Customer Receipts for current QTR call that $9M, minus Expenses for QTR being $13M, equals $1M balance, as of about now.
Can someone explain to me how revenue for Q2 in FY24 was $10.7M. We have actual Customer Receipts for Q2 in FY24 being $8.8M. But then they normalised this for reporting to $9.7M by counting late payments expected in December but expected in January. Okay a little fiddling here, but how does it reach $10.7M?
Does anyone think they are still on track to achieve the full-year revenue guidance of $45M? The pre-audited half-yearly receipts were $18M, so I’m not confident that $45M is achievable.
If we ever get there the 4C report in Q3 FY24 will be compulsory reading.
DUB Price at posting:
22.0¢ Sentiment: Hold Disclosure: Held
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