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post Posted: Dec 13 2019, 12:55 PM
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probably this one?

the home page has pine needle tree pictures there

it sounds like a network marketing site, selling health product

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post Posted: Dec 13 2019, 06:41 AM
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In Reply To: pepee's post @ Dec 12 2019, 02:59 PM

Cash flows for the year:

As for who SEVDA is - no idea. limited googling skill doesn't turn up anything. You're right though - that's a big investment there.

Prenolica Limited
Statement of cash flows
For the year ended 31 December 2018
2018 2017
$ $

Cash flows from operating activities
Receipts from customers (inclusive of sales taxes) 4,443,451 4,733,297
Payments to suppliers and employees (inclusive of sales taxes) (4,635,649) (4,788,549)
Finance costs (28,345) (27,287)
Research and development rebate 80,913 244,188
Income tax expense paid (33,875) (57,916)
(173,505) 103,733
Interest received 1,441 6,848
Net cash from operating activities (172,064) 110,581
Cash flows from investing activities
Payments for property, plant and equipment (719,372) (502,012)
Net cash from investing activities (719,372) (502,012)
Cash flows from financing activities
(Advances to)/ proceeds from loans with to related parties (14,002) 385,561
Proceeds from shareholder to be converted into debt or equity 1,000,000 -
Repayments of financial liabilities (131,459) -
Net cash from financing activities 854,539 385,561-
Net increase in cash and cash equivalents (36,897) (5,870)
Cash and cash equivalents at the beginning of the financial year 250,871 256,741
Cash and cash equivalents at the end of the financial year 213,974 250,871

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post Posted: Dec 12 2019, 03:28 PM
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Who is SVEDA? R&D cost with them almost double company normal R&D cost of about $0.5m p.a . Must be a very important R&D cost as it almost offset the Income loss. Anyone think this is a highly unusual expense for R&D at a time when cashflow is paramount?

post Posted: Dec 12 2019, 02:59 PM
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In Reply To: nerk's post @ Dec 12 2019, 10:17 AM

Did they say what the cashflow is by any chance?

post Posted: Dec 12 2019, 10:17 AM
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Hi All,

Thanks Helz for supplying the report.

I've had a look at it, I'm no expert in finance or the like, but I can offer a bit more
Below is the full financial summary (apologies for the formatting)
Revenue is in fact, $3,904,829 (down from $4,308,189)
The quoted number from Helz is the final income (or loss to be more accurate), a loss for 2018 of $1,319,254
Loss after income tax was $992,750

A few things to note from the report
Total assets are around the $6 million mark, Liablities around the $5 million, so net assets are about $1 million.
However I obviously don't know how to read this properly because the auditor flags the Group's current liabilities exceed it's current assets by $1,502,690 and states it is an ongoing concern.
(this may be due to all the borrowings? though that seems to be included in the liabilities already)

Thare was a borrowing of $1,000,00 for the year: "Non-current borrowings comprise unsecured loans from the Executive Chairman and his related entities. The loans are interest free and repayable not earlier than 2020. $1,000,000 in current borrowings (2017: $nil) relate to funds receipted
from an external investor under a Letter of Offer that are expected to either be converted into either hybrid debt or equity at
a future date and as at report date were unsecured, non-interest bearing and repayable at call."
There are also borrowings of $1.6 million from Vagif.

Issued shares have not changed for the FY (95,210,356)

Vagif and Alexander Kurganov are the current directors
Ian Nisbet resigned April 2019 (but did attend all 3 directors meetings)

What I'm taking out of this, mostly, is that they are still going, and they are actually still producing financial reports, which went missing for a while.
They are making close to $4 million a year (no real change from the previous year)
I think it will be a while before any shareholders see anything based on the current situation. But I certainly don't know everything. I just hope there's something more on the horizon.

Prenolica Limited
Statement of profit or loss and other comprehensive income
For the year ended 31 December 2018
2018 2017

Revenue 3,904,829 4,308,189
Other income 481,526 323,071
Research and development costs (443,687) (491,525)
Contract research and development by SEVDA (853,028) -
Impairment expense (60,216) (195,856)
Employee benefits expense (724,512) (980,716)
Depreciation and amortisation expense (389,449) (209,091)
Other expenses (428,611) (181,446)
Corporate administration expense (603,551) (669,470)
Cost of sales (1,781,362) (1,634,088)
Finance costs (60,814) (27,287)
Profit/(loss) before income tax expense (958,875) 241,781
Income tax expense (33,875) (57,916)
Profit/(loss) after income tax expense for the year attributable to the owners of
Prenolica Limited (992,750) 183,864
Other comprehensive income for the year, net of tax (326,504) (230,021)
Total comprehensive income for the year attributable to the owners of
Prenolica Limited (1,319,254) (46,157)

Current assets
Cash and cash equivalents 213,974 250,871
Trade and other receivables 1,060,750 980,812
Inventories 689,922 996,173
Total current assets 1,964,646 2,227,856
Non-current assets
Financial assets 1,968 34,437
Property, plant and equipment 4,332,136 4,210,392
Intangible assets 16,432 27,373
Total non-current assets 4,350,536 4,272,202
Total assets 6,315,182 6,500,058
Current liabilities
Trade and other payables 2,211,170 1,854,662
Borrowings 1,000,000 -
Provisions 94,068 104,470
Deferred revenue 162,098 342,494
Total current liabilities 3,467,336 2,301,626
Non-current liabilities
Borrowings 10 1,697,879 1,711,881
Other - 17,330
Total non-current liabilities 1,697,879 1,729,211
Total liabilities 5,165,215 4,030,837
Net assets 1,149,967 2,469,221
Issued capital 103,363,880 103,363,880
Reserves (1,267,099) (940,595)
Accumulated losses (100,946,814) (99,954,064)
Total equity 1,149,967 2,469,221

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post Posted: Dec 12 2019, 09:15 AM
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sorry guys, i read the report wrongly, I didnt notice the numbers in () means negative.

comprehensive income for 2018 was -$1,319,254. 2017 was -46,157

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post Posted: Dec 11 2019, 10:55 AM
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I quickly read through the 31 DEC 2018 report the company submitted to ASIC

Revenue grew from 46,157 2017 to 1,319,254 2018. Equity dropped from 2,469,221 to 1,149,967, mostly due to the Liabilities increased.

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post Posted: Dec 10 2019, 05:58 PM
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In Reply To: diana's post @ Dec 10 2019, 08:19 AM

I presume >95% is fruit concentrate by SAVA. Than have to consider relative cost of ingredients.

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post Posted: Dec 10 2019, 08:19 AM
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In Reply To: pepee's post @ Dec 10 2019, 07:07 AM

Many thanks for that link pepee. 13 tons sounds like a very impressive quantity of incredibly valuable material. I just wish Vagif would share some of the incredibly interesting information with us. Then again it is probably far more valuable that his precious resources are used to advance the companies activities.

"Adversity does not build character; adversity reveals character."
Sandy Dahl
post Posted: Dec 10 2019, 07:07 AM
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skip the article until the end to the interesting bit.

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