Bekanntmachung • Apr 13
TZ Limited has completed a Follow-on Equity Offering in the amount of AUD 0.81 million. TZ Limited has completed a Follow-on Equity Offering in the amount of AUD 0.81 million.
Security Name: ORDINARY SHARES
Security Type: Common Stock
Securities Offered: 16,200,000
Price\Range: AUD 0.05
Discount Per Security: AUD 0.003
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Bekanntmachung • Apr 09
TZ Limited has filed a Follow-on Equity Offering in the amount of AUD 0.81 million. TZ Limited has filed a Follow-on Equity Offering in the amount of AUD 0.81 million.
Security Name: ORDINARY SHARES
Security Type: Common Stock
Securities Offered: 16,200,000
Price\Range: AUD 0.05
Discount Per Security: AUD 0.003
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Bekanntmachung • Mar 18
TZ Limited Announces Change of Company Secretary TZ Limited announced the appointment of Mr. Brent Hofman, from Company Secretary Services, as the new Company Secretary, effective March 18, 2026. Allison Pacinotti of Computershare Australia resigned as Company Secretary on March 13, 2026. The responsibilities of the Company Secretary role were fulfilled in the interim by the Non-Executive Chairman, Peter Graham, for a short transition period from March 13 to March 18, 2026. New Risk • Mar 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-AU$6.3m). Market cap is less than US$10m (AU$12.8m market cap, or US$9.07m). Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). Bekanntmachung • Mar 14
TZ Limited Announces Chief Executive Officer Changes TZ Limited has appointed Mr. David Sampaklis as Group Chief Executive Officer, effective March 12, 2026. Mr. Sampaklis brings extensive commercial and sales leadership experience, having built and operated several Telstra Business Centre franchises and managed large enterprise and corporate customers. Within the Telstra ecosystem he developed a business generating approximately $60 million in annual revenue and built a team of more than 120 staff servicing consumer through to enterprise customers. Mr. Sampaklis has also established and operated a cloud infrastructure and managed IT services business, with a strong focus on sales strategy, customer engagement and leadership development. Following completion of the capital raising, Mr. Sampaklis is expected to hold approximately 7.5% of TZ Limited, providing strong alignment with shareholders. He will also bring members of his established sales team into the business with a focus on accelerating TZ’s commercial execution and revenue growth. Mr. John Wilson will work with Mr. Sampaklis over the coming months to ensure a smooth leadership transition. Discussions are ongoing regarding a continuing role for Mr. Wilson within the business to retain his product expertise and customer knowledge. Bekanntmachung • Mar 12
TZ Limited has completed a Follow-on Equity Offering in the amount of AUD 1.5 million. TZ Limited has completed a Follow-on Equity Offering in the amount of AUD 1.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 30,000,000
Price\Range: AUD 0.05
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Reported Earnings • Mar 04
First half 2026 earnings released: AU$0.007 loss per share (vs AU$0.004 loss in 1H 2025) First half 2026 results: AU$0.007 loss per share (further deteriorated from AU$0.004 loss in 1H 2025). Revenue: AU$5.41m (up 2.1% from 1H 2025). Net loss: AU$1.92m (loss widened 84% from 1H 2025). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Bekanntmachung • Sep 24
TZ Limited, Annual General Meeting, Nov 20, 2025 TZ Limited, Annual General Meeting, Nov 20, 2025. New Risk • Aug 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.3m free cash flow). Negative equity (-AU$5.3m). Market cap is less than US$10m (AU$13.2m market cap, or US$8.63m). Bekanntmachung • Jul 02
TZ Limited Announces Chief Financial Officer Changes, Effective 1 July 2025 TZ Limited announced that as part of Mr. Vijay Gupta's transition to retirement, Mr. Gupta has stepped down from his role as Chief Financial Officer ("CFO"), effective 1 July 2025. Gupta will continue to support the Company's finance functions on a part-time basis. The Company announced the appointment of Ms. Leilei Shen as a new CFO, effective 1 July 2025. Ms. Shen is a Certified Public Accountant Australia and Certified Management Accountant USA, who is dedicated to the management and supervision of all areas of financial accounting and reporting. Leilei joined TZ in 2023 and has been instrumental in leading the streamlining of operational processes and improved business efficiencies in the US business. With Vijay Gupta transitioning to retirement, she has taken on the Group CFO role which is pivotal for TZ's development and market expansion. Prior to TZ, she worked in senior accounting roles in multinational organizations in the medical equipment, travel technology and refrigeration transportation industries. New Risk • Jun 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.3m (US$9.29m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-AU$4.0m). Market cap is less than US$10m (AU$14.3m market cap, or US$9.29m). New Risk • Apr 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.9m (US$9.61m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-AU$4.0m). Market cap is less than US$10m (AU$15.9m market cap, or US$9.61m). Bekanntmachung • Mar 19
TZ Limited (ASX:TZL) completed the acquisition of Keyvision Holdings Pty Ltd from PropTech Group Limited. TZ Limited (ASX:TZL) entered into a Heads of Agreement to acquire Keyvision Holdings Pty Ltd from PropTech Group Limited for AUD 10 million on October 21, 2024. A cash consideration of AUD 2.5 million will be paid by TZ Limited. TZ Limited will pay an earnout/contingent payment of AUD 7.5 million cash. The expected completion of the transaction is on or before December 31, 2024. As on January 6, 2025 the transaction is expected to be completed on end of January 2025. The deal is subject to due diligence.
TZ Limited (ASX:TZL) completed the acquisition of Keyvision Holdings Pty Ltd from PropTech Group Limited on March 18, 2025. Reported Earnings • Feb 27
First half 2025 earnings released: AU$0.004 loss per share (vs AU$0.001 profit in 1H 2024) First half 2025 results: AU$0.004 loss per share (down from AU$0.001 profit in 1H 2024). Revenue: AU$5.30m (down 34% from 1H 2024). Net loss: AU$1.04m (down AU$1.22m from profit in 1H 2024). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Bekanntmachung • Feb 21
TZ Limited has completed a Follow-on Equity Offering in the amount of AUD 1.15 million. TZ Limited has completed a Follow-on Equity Offering in the amount of AUD 1.15 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 15,333,329
Price\Range: AUD 0.075
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Dec 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.1m (US$9.59m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Share price has been highly volatile over the past 3 months (25% average weekly change). Negative equity (-AU$3.5m). Market cap is less than US$10m (AU$15.1m market cap, or US$9.59m). Minor Risk Shareholders have been diluted in the past year (6.9% increase in shares outstanding). New Risk • Nov 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Share price has been highly volatile over the past 3 months (25% average weekly change). Negative equity (-AU$3.5m). Minor Risks Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (AU$18.3m market cap, or US$11.8m). Bekanntmachung • Oct 23
TZ Limited, Annual General Meeting, Nov 21, 2024 TZ Limited, Annual General Meeting, Nov 21, 2024. Location: via internet webinar conferencing facility, Australia New Risk • Oct 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-AU$3.5m). Market cap is less than US$10m (AU$5.39m market cap, or US$3.72m). New Risk • Aug 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Negative equity (-AU$3.5m). Market cap is less than US$10m (AU$6.16m market cap, or US$4.19m). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Bekanntmachung • Feb 20
TZ Limited Announces Resignation of Cary Stynes as Non-Executive Director TZ Limited announced that non-executive director Cary Stynes has resigned from the board, effective immediately, to focus on other interests. Bekanntmachung • Sep 01
TZ Limited, Annual General Meeting, Nov 23, 2023 TZ Limited, Annual General Meeting, Nov 23, 2023. Reported Earnings • Sep 01
Full year 2023 earnings released: AU$0.026 loss per share (vs AU$0 in FY 2022) Full year 2023 results: AU$0.026 loss per share (further deteriorated from AU$0 in FY 2022). Revenue: AU$13.8m (down 36% from FY 2022). Net loss: AU$5.99m (down AU$6.03m from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. New Risk • Aug 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.7m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-AU$2.0m). Market cap is less than US$10m (AU$6.16m market cap, or US$4.00m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (15% increase in shares outstanding). New Risk • Jun 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.7m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-AU$2.0m). Market cap is less than US$10m (AU$6.32m market cap, or US$4.29m). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding). Bekanntmachung • Feb 01
TZ Limited Announces the Appointment of Cary Stynes as Non-Executive Director TZ Limited announced the appointment of Cary Stynes as a Non-Executive Director of the company. Cary Stynes is a senior corporate M&A lawyer and holds a current Victorian legal practicing certificate. He specialises in advising early stage companies, raising seed and later stage capital and arranging the listing of companies on the ASX. He was previously a lawyer with international law firm Minter Ellison before establishing his own law firm which he has operated for over 28 years. In 1994 he co-founded and was Managing Director of media and advertising company, Media and Entertainment Group Limited which listed on the ASX in 1995 and expanded throughout Australia as well as into Hong Kong, Singapore, New Zealand and South America. That company was ultimately acquired by CPH Limited (Packer) in 1999. Since 2000 he has arranged the ASX listing and been the Chief Executive Officer of ASX listed Software Communication Group Limited, restructured, recapitalised and became Managing Director of CBD Online, subsequently CBD Energy Limited and The Swish Group Limited. He is also a former Non-Executive Director of Traffic Technologies Limited, MCM Entertainment Limited, Teys Limited (now OAR Resources Limited), and arranged the ASX listing and was General Legal Counsel for a USA (Hollywood) based digital media and advertising company. He has also sat on the Board of children's cancer charity The Koala Foundation. He has, in various capacities arranged the restructuring, re-capitalisation, IPO's and RTO's and conducted capital raisings for a number of Australian and international company's listed on the ASX in the media and technology, infrastructure, mining, retail, agriculture and related sectors and sat on a number of private and public Company boards for almost 30 years. He is currently Executive Chairman of soon to be listed Botanic Wellness Limited and its Australian, UK and USA subsidiaries and is a director of a number of private investment companies. Board Change • Jan 06
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Duncan McCulloch was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Duncan McCulloch was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Bekanntmachung • Oct 18
TZ Limited, Annual General Meeting, Nov 17, 2022 TZ Limited, Annual General Meeting, Nov 17, 2022, at 11:01 AUS Eastern Standard Time. Location: Level 2, 40 Gloucester Street The Rocks New South Wales Australia Agenda: To receive and consider the Financial Report of the Company, together with the Directors' Report (including the Remuneration Report) and Auditor's Report as set out in the Company's Annual Report for the year ended 30 June 2022; to consider the adoption of Remuneration Report; to consider the election and reelection of directors; to consider the approval of 10% Placement Facility; and to consider and approve other matters. Bekanntmachung • Sep 15
TZ Limited Announces Appointment of Duncan Mcculloch as Non-Executive Director TZ Limited announced the appointment of Mr. Duncan McCulloch as a Non-Executive Director of the Company. Duncan is a Chartered Accountant with a background steeped in corporate advisory over a broad range of industry sectors, in particular technology and agribusiness. Having worked at firms including Deloitte and McGrathNicol, his role has encompassed the provision of corporate restructuring and turnaround advice to both company management and financiers alike, from complex reorganisations, equity raisings, strategic business planning, financial due diligence and cash and working capital management. He also has wide experience and a substantial record of achievement in optimising value and implementing practical divestment solutions in the sale of large-scale assets and businesses. Reported Earnings • Sep 01
Full year 2022 earnings released: EPS: AU$0 (vs AU$0.015 loss in FY 2021) Full year 2022 results: EPS: AU$0 (up from AU$0.015 loss in FY 2021). Revenue: AU$22.5m (up 37% from FY 2021). Net income: AU$42.9k (up AU$1.70m from FY 2021). Profit margin: 0.2% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Bekanntmachung • Jun 28
TZ Limited Announces Revenue Guidance for the Second Half and Full Year of 2022 TZ Limited announced revenue guidance for the second half and full year of 2022. For the 2nd Half FY22, revenue forecast is circa $13.1 million. For the FY22, revenue expected to be circa $21 million. Board Change • Apr 27
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Non Executive Chairman Peter Graham is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Reported Earnings • Feb 28
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.009 loss per share (down from AU$0.007 loss in 1H 2021). Revenue: AU$8.16m (down 5.4% from 1H 2021). Net loss: AU$1.79m (loss widened 167% from 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Executive Departure • Sep 23
CEO, MD & Director Scott Beeton has left the company On the 17th of September, Scott Beeton was replaced as CEO by Mario Vecchio after 1.5 years in the role. As of June 2021, Scott still personally held 1.40m shares (AU$154k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 4.00 years. Under Scott's leadership, the company delivered a total shareholder return of 25%. Reported Earnings • Sep 01
Full year 2021 earnings released: AU$0.015 loss per share (vs AU$0.064 loss in FY 2020) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: AU$17.7m (up 37% from FY 2020). Net loss: AU$1.66m (loss narrowed 68% from FY 2020). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Bekanntmachung • Jun 09
TZ Limited has completed a Follow-on Equity Offering in the amount of AUD 7.060345 million. TZ Limited has completed a Follow-on Equity Offering in the amount of AUD 7.060345 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 58,836,206
Price\Range: AUD 0.12
Discount Per Security: AUD 0.0072
Transaction Features: Rights Offering Bekanntmachung • May 29
TZ Limited Provides Revenue Guidance for the Fiscal 2022 TZ Limited is increasing its recurring annuity revenue outlook as a result of new contracts that will take the recurring revenue base for fiscal 2022 to approximately $3 million, about a 16% increase over and above the previous outlook of $2.5 million. Bekanntmachung • May 22
TZ Limited Reports Strong Growth in US Pipeline TZ Limited provided shareholders with an update regarding its US business pipeline. Purchase orders received from clients in the USA since the beginning of April now exceed USD 2.2 million. The purchase orders are from a mix of TZ's existing base of blue-chip clients seeking to expand, upgrade and/or replace their access control and locker bank solutions with new TZ systems, as well as new clients committing to TZ SMArt lock and SMArt software platforms. Microsoft, a leading US technology company and existing TZ customer, has placed a purchase order of USD 547,000 to complete a major hardware upgrade on its existing Locker Bank network. In the university sector, a leading US university has taken the decision to cancel a large order with a competing locker provider in favour of TZ's mailroom and locker bank solution valued at USD 572,000. This clearly demonstrates the market leading position that TZ has attained in the US university mailroom/package locker marketplace and the increasingly recognised value of TZ's best-in-class software platform and electronic hardware solutions. The strong conversion of the US pipeline to purchase orders reinforces TZ's successful strategy over the last few years to substantially grow its installed user base and to expand its access to market through new distribution partnerships. This is further underpinned and supported by growing awareness of the company's highly differentiated position and recognition for its technology and software solutions, which is also supporting the growth of subscription-based annuity and recurring revenues. Bekanntmachung • Apr 30
TZ Limited has completed a Follow-on Equity Offering in the amount of AUD 2.579719 million. TZ Limited has completed a Follow-on Equity Offering in the amount of AUD 2.579719 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,125,862
Price\Range: AUD 0.1107
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 9,374,138
Price\Range: AUD 0.132
Transaction Features: Subsequent Direct Listing Bekanntmachung • Apr 27
TZ Limited announced that it expects to receive AUD 2.58 million in funding TZ Limited (ASX:TZL) announced a private placement of 21,500,000 common shares at a price of AUD 0.12 per share for gross proceeds of AUD 2,580,000 on April 26, 2021. The company expects to close the transaction on April 29, 2021. Bekanntmachung • Oct 06
TZ Limited Announces Board Changes TZ Limited announced that Mr. John D'Angelo has been appointed as a non-executive Director of the Company 6th October 2020. John has vast international experience in the areas of Marketing, Finance and Engineering. He spent 15 years based in Singapore in senior management positions for JP Morgan and Hartree Partners (part owned by the investment firm Oaktree Capital). Prior to this, he held management positions at Chase Manhattan Bank and Mitsui Commodities. John began his career as an Engineer at BHP before moving into the Marketing and Financial Risk Management areas for the company where he spent some time based in the U.S.A. The company also announced that Mr. Mario Vecchio has resigned as a director 6th October 2020, following the appointment of Mr. D'Angelo. Bekanntmachung • Sep 08
TZ Limited Auditor Raises 'Going Concern' Doubt TZ Limited filed its Annual on Aug 28, 2020 for the period ending Jun 30, 2020. In this report its auditor, Pannell Kerr Forster, gave an unqualified opinion expressing doubt that the company can continue as a going concern. 