RE: Resolutions20 Oct 2025 17:30
BFD, Its mentioned in Semnet accounts. 100k has already been handed over post acquisition. and a 300k loss last 12 months. Thats signfiicant amounts GST may have to cover.
US$100,000 has been made available to Semnet Pte. Ltd. by its parent, GSTechnologies Ltd, as a capital contribution during the period covered by the financial statements (October 1, 2023–March 31, 2025). This was explicitly recorded in Semnet's equity movements and helped temporarily bolster its negative working capital position amid the post-acquisition revenue challenges.
Basis of Preparation and Going Concern section (page 8, under Accounting Policies). Directors flag material uncertainty due to the negative equity and liquidity strain, stating reliance on GST for ongoing support. Here's the direct excerpt (paraphrased slightly for clarity, but faithful to the text):Going Concern
The financial statements have been prepared on a going concern basis, which contemplates the continuity of the Company’s normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.
As at 31 March 2025, the Company’s current liabilities (US$329,000) exceeded its current assets (US$277,000) by US$52,000, resulting in a net current liability position and negative working capital. The accumulated losses of US$267,000 have also led to negative shareholders’ equity of US$50,313.
These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern.
The directors are of the view that the Company will be able to meet its liabilities as they fall due for the foreseeable future, being at least 12 months from the date of approval of these financial statements, based on the following: The Company has received a letter of support from its ultimate holding company, GSTechnologies Ltd (GST), confirming its intention to provide continuing financial support to the Company for the foreseeable future, as and when required, to enable it to meet its liabilities as they fall due.
Management’s cash flow forecasts indicate that the Company will generate sufficient cash from operations to cover its working capital requirements, supplemented by funding from GST if necessary.
Should the above not materialise, adjustments may have to be made to reduce the carrying value of assets to their recoverable amounts, to provide further liabilities that might arise, and/or to reclassify non-current assets and liabilities as current, which could result in the Company ceasing to continue as a going concern.
These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
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