To me looks like the crowing about Q4 positive cash was smoke and mirrors....
"Of the total amount of $2,200,634 of trade payables, $2,037,678 is owed to Symbio Networks Pty Ltd which is a related party to My Net Fone. Symbio Networks has agreed to an extended payment term of the payable..."
Payables grew by $1m from Dec07 to Jun08.
At $2m owing to Symbio that could be credit terms out to 6 months with COS of $4.8m for the full year - assume there is ATA related costs included in that number.
Not hard to have a positive cash result when you fund it with related party creditors.
Negative Net Assets of $1.7m - a very ugly balance sheet.
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MNF Price at posting:
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