Ann: Successful Brand Sale , page-6

I agree with Danbradster...the huge short term liabilities are an area for concern. They have managed to reduce them in this half year although they are still very large. Especially when you look at cash flow from operations. They managed to get $34.5m in receipts from customers however after payments to suppliers and interest payments the net cash provided was only $220k. That is a tiny margin. Definitely not the type of margin you want to be running if you have to service $23m in short term debt. So given they cannot service the debt...then either asset sales must occur or they need to refinance. No matter what they choose, they don't exactly have a strong position.