Well, on top of the near $10m loss for the year, they now have about 20k in the bank but maintain that the company is rolling along ok and can meet their 750k debts.
Then we have this:
"Likely developments in the operations of the Company and the expected results of those operations in future financial years have not been included in this report as the inclusion of such information is likely to result in unreasonable prejudice to the Company".
We find out the likely purpose behind the recent share issue:
"On 1 September 2015, the Company received a notice from Mr Mathew Walker under section 203D of the Corporations Act 2001 (Cth) of his intention to move resolutions at a meeting of Condor shareholders convened under Section 249F of the Corporations Act 2001 (Cth). As at 29 September 2015 Mr Walker is no longer a substantial shareholder and not entitled to call this meeting".
And the auditor makes these two notes:
"Completeness of Liabilities in the Chilean entities Included in Note 11 of the financial statements are liabilities of $755,564 relating to the consolidated entity’s activities and operations in Chile. We have been unable to obtain sufficient appropriate audit evidence to satisfy ourselves as to the completeness and value of this amount. Consequently, we have not been able to determine whether there are additionally liabilities that the company is party to, hence whether the disclosed value is accurate".
And
"Value of the exploration assets impairment expense Included in the statement of profit and lost and comprehensive income is an impairment loss of $8,206,386. In the previous year ended 30 June 2014 we were unable to obtain sufficient appropriate audit evidence to satisfy ourselves as to the total carrying value of the exploration assets at that date, and to which this impairment expense relates. Consequently, we have not been able to determine whether impairment existed in relation to this amount in the previous year".
CDB Price at posting:
1.7¢ Sentiment: None Disclosure: Not Held
