Decks are largely cleared at least, these write-offs will just about wipe out all of goodwill and inventory, fixed assets.
Going to be a terrible full year result but at least going forward they have some chance of making it.
$6m revenue is not a great number, they also didn't comment on cash balance which must have taken a hit with redundancies etc so a cap raising could be announced at earnings.
Overall, it was their only option, a Hail Mary, time will tell if its enough.
UBN Price at posting:
2.8¢ Sentiment: None Disclosure: Not Held
