Today's Appalling Progress update29 Aug 2023 08:06
A meeting will decide whether to de - list from aim. What a bunch of losers this company consists of, considering they had a recent fund raising. Realise there are certain poor countries overseas though and their governments are hopelessly slow at resolving issues re making owed payments.
'' The delays are partly due to the countries in which the customers are based, being Nepal, Myanmar and Bangladesh, where the governments are yet to provide approval to the customers to make the contractual payments. This is because it involves payments to a foreign entity, which is government regulated and requires prior authorisation in these countries. In two instances there are also recent disputes over the payment due to the Company, where two customers, based in Nepal and Myanmar, are unwilling to pay for the services and products received. This impacts $375K of the total $1.1m. The Board remains confident of collecting those amounts that are awaiting government approval in the respective countries but has currently no certainty as to the timing of the transfer of funds and is mindful of the impact on working capital of these delays continuing. ''