If you are stumped for a good question to ask the auditor, try this!!!!
I am no longer an APG shareholder so I cannot asked a question to the Auditor.
But I hope a shareholder does email APG a question to the auditor on this issue tonight.
Fell free to cut and paste my question
I have a question with regards to Current Asset of Other Recieveables = $319,750note9 Page27
First some background for shareholders, so that non accountants can follow.
Other Recieveables are usually amounts due for goods and services performed in the normal course of business. Other Recieveables are classified as a current asset because they are likely to be converted to cash over 12 months.
APG has always had high levels of Other Recieveables - especially strange because they have never sold anything (except maybe APG shares)
2114 Other Rec’ables = $600,310no explanation given of what it is
2115 Other Rec’ables = $218,877no explanation given of what it is
2116 Other Rec’ables = $515,564no explanation given of what it is.
2117 Other Rec’ables = $691,323 Share Cap. Rec’able = $109,00owed by No explanation
2118 Other Rec’ables = $460,997Share Cap. Rec’able = $375,750owed by Notsag = $375,750
2119 Other Rec’ables = $319,750Share Cap. Rec’able = $319,750owed by Notsag = $319,750
In the 2018 Annual report the reporting changed to include an explanation of what Other Recieveables was actually comprised of – and it turned out that a large part of the Other Recieveables was Share Capital Recieveable, which was money that was owed for shares that had been issued but not yet payed for.
I think many shareholders were surprised to find out that many of the shares that APG had announced to the market, had been sold to retail & sophisticated investors and the monies recieved, had in fact been issued to Notsag P/L a company associated with the APG company secretary, Mr Nick Gaston, and that much of the monies was still unpaid. And continues to be unpaid as time goes on.
Question to the auditor 1.
How can you include Share Capital Recieveable as a Current Asset when it is not being payed out within 12 months.
At the end of previous year at 30/6/2018, Share Capital Recieveable (owed by Notsag)= $375,750
Notsag only made a net payback over the 2018/19 year = $56,000
Now at the end of this year at 30/6/2019, Share Capital Recieveable (owed by Notsag)= $319,750
How can Share Capital Recieveable (which is money owed by Notsag for shares issued) be included as a Current Asset if it is not being payed out within 12 months.
Question to the auditor 2.
Is it acceptable for company to issue shares without getting paid for them.
These questions should be of interest to at least a few shareholders.
I hope at least one shareholder is concerned enough about this Notsag situation to send an email to APG tonight.
Wilcox
