The Salutica manufacturing debt of $1.7 Million USD, or approx $2.6 Million AUD was never declared to the market. And given how closely they sailed to the wind, from quarter to quarter, it's hard to see how they would not have been insolvent, if the debt had been declared.
They knew about the debt, because according to the Salutica company announcement on the 24.06.24 about the filing of the law suit, Nuheara had made some previous payments totaling $41,844.51 (page 2)
Even if Nuheara didn't agree with the amount owing it should have been declared with a provision.
Nuheara were not represented at the hearing, and Salutica obtained a judgment in default of appearance against the Defendant, on the 20th of August 2024.
Subsequently KPMG added the undeclared debt into the VA without question, with Miller and the Board hoping it would fly under the radar i guess. Because it appears KPMG made no further investigation into Nuheara's books, to clarify the debt. And i assume KPMG must have accepted the court judgement as proof of debt for the VA.
I lodged a complaint to ASIC yesterday about misconduct in relation to the undeclared $1.7 Million USD debt ($2.6 Million AUD approx.), and likely insolvent trading by the Nuheara board.
If we had been aware of this and the other debts, along with the imminent OEM's without having a finished chip, or supply agreement in place, many of us would have very different decisions!
I urge everyone to lodge a complaint to ASIC as well, because Miller and the Board can't be allowed to get away with this!
