GRB 8.16% 5.3¢ gage roads brewing co limited

what's gone wrong?, page-4

  1. 15 Posts.
    From Gage Half Year report

    $6M sales, $0.5M loss (thats about 10.7M losses since 2003)

    From BDO Report

    ?Emphasis of Matter

    Without qualifying our conclusion, we draw attention to Note 1 in the half-year financial report
    which indicates that Gage Roads Brewing Co. Ltd has, as at 31 December 2010, a working capital
    deficiency whereby its current liabilities exceeded its current assets by $5,111,316. This includes
    $4,200,000 relating to its ANZ loan facility which has been reclassified as a current liability due to it
    expiring on 1 July 2011, and, as set forth in Note 1, the renewal of this facility is still in the process
    of being negotiated. Should this facility not be extended or replaced, the company would be
    dependent on shareholder support to repay the facility. Should that shareholder support not be
    provided, it may indicate the existence of a material uncertainty which may cast significant doubt
    about the disclosing entity?s ability to continue as a going concern and therefore, whether the
    disclosing entity may be unable to realise its assets and discharge its liabilities in the normal course
    of business.?
 
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Currently unlisted public company.

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