The other major issue is the interaction with related parties as disclosed in the 2017 Annual Report note 27.
The major concern is the $12,158,032 advanced to AXIS Consultants Pty Ltd.
During the 2017 financial year the loan increased from $8.5m to $12m during the period MED was undertaking capital raising.
The loan advances have been written out of the company through the profit and loss statement therefore the asset is not recorded in the statement of financial position, the auditors qualified their opinion on the treatment.
If the company had the $12m it would allow for a share buyback or dividend.
If AXIS is allowed to continue drawing funds there could be a significantly negative effect on SP.
The other major issue is the interaction with related parties as...
-
- There are more pages in this discussion • 79 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
