I f anybody has been reading the APG hotcopper threads for the...

I f anybody has been reading the APG hotcopper threads for the last 3 years, they may have read my posts – where I criticise APG for incorrect reporting about the amount of Cash it really holds in the Quarterly Cash Flow reports.

You must surely remember how it went. Nick Gaston would put out the APG Quarterly Cashflow Report saying APG had so much money in the bank – and then a few months later the audited report would come out (for the same balance date) showing much less cash in the bank.
In the Quarterly Report for the period ending 30/06/2018, APG company secretary, Nick Gaston reported to shareholders that APG had Cash in the Bank =  $118,000 - but when the audited Financial  Report came out for the same period ending 30/06/2018, the auditor reported to shareholders that APG, really had Cash in the Bank  = $29,155.

What is going on here?? How much cash does APG really hold ??
APG shareholders and the market at large – have the right to expect that company reports are truthful – not deceitful and misleading.
You don’t have to be an accountant to realise that the best way to honestly report how much money APG has in the bank at 30/07/2018 – would be to look at the bank statement for 30/07/18.
This is what the auditor does – but this method seems to have evaded APG management in the Quarterly reports.

I have made numerous attempts to get this sorted out. Phone calls to secretary were a waste of time. Emails to the Chairman, Terry Cuthbertson went unanswered.
APG just continued ignoring the differing audited cash position – and continued over the years with their own incorrect reporting of the cash position in the Quarterly Cash Flow reports.

UNTIL NOW
$88K in Cash just mysteriously disappeared overnight out of the Quarterly Cash Flow reports.
The previous Quarterly showed Cash at bank = $118K at the end of the quarter on 30/06/18.
The latest Quarterly shows Cash at bank = $30K at the beginning of the quarter on 1/07/18.
To put it very simply -  APG ended one quarter with $118k in the bank, overnight $88K disappeared  without any explanation – and then APG started the next quarter with only $30k in the bank.
Accounting errors like this should be unacceptable to shareholders.

With this “accounting error” of $88K, the new cash balance of $30k at the start of the latest Quarterly report, is now within a rounding error of the $29,155 that the auditor stated that APG had in the bank at 1/07/18.

APG management is again treating shareholders with disdain.
Without any explanation or apology to shareholders, as to why the Quarterly Cash Position has been deceitful and misleading for so long - this “accounting error”  miraculously fixes everything.

APG management must think APG shareholders are pretty stupid.  False9 -what do you think ??

Wilcox