The group incurs a net loss of nearly S$1.8 million and has net liabilities of S$396,000
[SINGAPORE] The independent auditor for Catalist-listed NoonTalk Media has raised doubts about the group’s ability to continue as a going concern, citing net liabilities and substantial losses for the financial year ended Jun 30.
In an announcement on the Singapore Exchange (SGX) on Thursday (Oct 16), the company said its auditor, Foo Kon Tan, reported that the group’s financial conditions indicated the existence of a material uncertainty.
The auditor pointed to several worrying figures as at Jun 30. The group, which includes wholly owned subsidiary NTM Masterpiece, recorded net liabilities of S$396,881. The company itself had net liabilities of S$269,351. The group also incurred a net loss of nearly S$1.8 million and net operating cash outflow of S$900,668 for the financial year.
“These conditions indicate the existence of a material uncertainty that may cast significant doubt about the group’s ability to continue as a going concern,” the auditor’s note read.
The media entertainment company – co-founded by well-known former DJ Dasmond Koh – said in its annual report released through SGX on the same day that the net loss of S$1.8 million was an improvement from the S$3.8 million loss in the previous year. The report attributes this to “effective operational strategies”.
With measures to “tighten control over expenses and to better manage the group’s and the company’s working capital, the directors believe that the group and the company are able to adequately manage their cash flows and continue to operate as a going concern” for at least 12 months.
The company last year announced measures to ensure working capital until mid-2025, including a S$2 million interest-free loan from executive director and chief executive Koh, to be repaid in full on or after Jul 1, 2026.
NoonTalk said S$550,000 of the loan was disbursed during the year and an additional S$800,000 was provided after the financial year-end. According to the annual report, the management has also prepared a cash flow forecast for the year ending Jun 30, 2026.
