ISX off-topic thread, page-51

Originally posted by Capraise

What where the majority of questions the asx asked of isx. What was the red flag for them. The 2018 revenue figure and how it was derived. The asx is going to continue to suspend isx, until the figures are adjusted. Can you not see that. Can't you see the asx defence. It's pretty clear. Isx doesn't want to answer asx questions and isx will not readjust the revenue figures for 2018.

And don't call me stupid, watch and learn how this plays out. Like I said it will. Isx will lose the court case. The board will be sacked and revamped, new management will negotiate with asx, cancel performance rights, shares get relisted, shareholders will get a haircut, but not to bad, and over time the share price will go back over the suspension price and more than likely grow strongly over time.

And who knows JK could come back in the fold a few years down the track and do a Steve jobs

@Capraise Post # 42824677

Firstly, read my last post - I said "I don't believe you are that stupid". I didn’t say you are stupid.

You have been on ISX threads for a long time but don't seem to read or take in the evidence that exists for why your beliefs are not proven.

Your quote to which I was responding said, "What would new board do, they would cancel the performance rights, as the revenue targets are not met, as revenue will be cancelled from Asic licence cancellations with some of the old customers. The revenue can't be recognised now. The performance rights conditions aren't satisfied. The performance rights cancellation, would be a boom for shareholders, less dilution, and higher share price."

Much has been written about the performance rights revenue in these threads. Your quote has so many errors in it and because I don't think you are that stupid, I believe it has to be an intentional attempt to mislead. I say this for these reasons:

1. A new board would not have a right to cancel performance shares unless it was proven that they were not deserved. This has not yet been proven and is very unlikely to be if the evidence that is currently available is correct because all the revenue recorded in the June Quarter met the requirements for recognising revenue,

(a) The work had been completed,
(b) The work had been invoiced,
(c) Although they operate under the accrual method, all invoices that were accounted in the revenue had been paid,
(d) The work had been signed off by all customers,
(e) ISX did not give any refunds for any of this work. In the words of ISX in their answers to the second query yletter, “ISX issued credit notes. Those credit notes were issued on 30 June 2019. It reflected a decision that those relatively small uncollected amounts should not be carried forward as receivables in the accounts of the company.a

1. ISX revenue cannot be cancelled by ASIC just because a company that was a legal customer of ISX yesterday is found by ASIC in the future to be corrupt and has their licence cancelled.Have you ever witnessed ASIC cancel any of the banks revenue just because some of their business customers have been found to be corrupt? The banks have been fined, but only for their own corruption. So, of course ISX revenue can still be recognized now unless it is proven that it never existed.
2. Yes, there would be a small (not a boom) immediate benefit to shareholders to have the shares returned, but having them returned would not benefit the future of the company and so the advantage would be short lived. Finding ISX innocent and allowing the shares to remain distributed to the early investors would be the best long term result for shareholders.
3. Not all of the revenue was from customers that were found to be corrupt and so never produced revenue in the future.ISX states in the same response to the second query letter, “FCorpand Immo’s successors have become large customers, processing over AUD $35 million (unaudited) GPTV collectively to date in calendar year 2019, however each individually is still not considered material in terms of the rapidly growing actual GPTV which is now in excess of AUD $1.9 billion (annualised/unaudited), and increasing.In contrast, other customers have generated less transactional activity for ISX. One such customer is Corp Destination Pty Ltd, which has not grown as a customer of ISX due to circumstances beyond its control and the control of ISX.“
4. ISX had numerous technical difficulties in the second half of 2018 which contributed to the low revenue achieved in the second half of 2018. These technical difficulties would have to be proven to be a hoax for the absence of this revenue to contribute to any conclusion that the June revenue was not valid. ISX states that a lot of this revenue was just delayed due to the technical difficulties and came in the March quarter of 2019. It is a fact that 2019 has been a good year.

Sothen tell me then, Which is it? 1. Am I wrong when I say you are not that stupid? 2. Have you just not bothered to read all evidence around the 2018June revenue? 3. Do you not understand or do you choose to not believe the evidence around the 2018revenue and prefer to make up your own evidence? 4. Are you deliberately misconstruing the facts in order to convince people who are too busy to investigate, not smart enough, or too biased to believe the facts that exist?