FINANCIAL POSITION
Whilst pursuing its online media strategy, the Consolidated Entity, will continue to access new capital as and when required. Since the end of the reporting period, new capital of $230,000 has been raised by way of the placement of 2,300,000 shares, adding to working capital and to finance a number of major projects. The Consolidated Entity has also just received a notice from Mobile Media Services S.A. exercising options for
4,750,000 ordinary shares at 7 cents each. The new shares will be issued after the proceeds of $332,500, being remitted, is received.
The Consolidated Entity experienced operating losses and negative operating cash flows during the period ended 30 June 2005. The continuing viability of the Consolidated Entity and its ability to continue as a going concern and meet its debts and commitments as they fall due is dependent on it being successful in achieving cash inflow from media revenue including from various video subscription channels, advertising, sponsorships,
and licensing of its technologies. If required, the Consolidated Entity should be able to access new capital to finance its operations until it is operationally cash positive. The directors believe that the Consolidated Entity will be successful in the above matters and have prepared the financial report on a going concern basis.
The adoption of Australian International Financial Reporting Pronouncements (AIFRPs) will be first reflected in the Consolidated Entity?s financial statements for the half-year 31 December 2005 and year ending 30 June 2006. Changes in accounting policies resulting from the adoption of AIFRPs are not expected to result in any material impact to future operating results to be reported.
During the period under review the consolidated entity operated predominantly in one business and geographical segment in the online media industry and in Australia.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
In the directors? opinion, there were no significant changes in the consolidated entity?s state of affairs that
occurred during the reporting period not otherwise disclosed in this report or the consolidated financial
statements.
MATTERS SUBSEQUENT TO THE END OF THE REPORTING PERIOD
Apart from the projects discussed in the above Review of Operations and Financial Position, there has not arisen in the interval between the end of the reporting period and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the consolidated entity, to
significantly affect the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in subsequent financial years.
LIKELY DEVELOPMENT AND EXPECTED RESULTS OF OPERATIONS
Major programmes, including those discussed earlier in this report under Review of Operations, will be implemented to establish the consolidated entity?s presence in the Australian and international Internet media and mobile media markets.
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