Link: https://links.sgx.com/1.0.0/corporate-announcements/IL5FDR5LLAEN7IRH/2b4f52e319269858aba760932aa3d7822f9cd077040626026bdfc7a28d053a50

Summary:

• Net asset value plummeted to S$6.5 million in audited FY2024 statements from S$33.0 million previously reported, driven by S$23.2 million goodwill reduction and S$1.8 million higher comprehensive loss

• Annual loss widened to S$7.4 million from S$6.1 million unaudited figure as trade receivables allowance surged S$1.7 million due to customers experiencing poor business performance

• Goodwill from LSO Organization Holdings acquisition collapsed to S$19.4 million from S$42.6 million after share consideration revalued downward when stock price fell below issue price at completion date

• Trade payables jumped S$8.8 million following reclassification of amounts owing to ASTI Holdings from non-current to current liabilities after repayment demand received

• Loss per share increased to 1.33 cents from 1.10 cents while revenue declined S$271,000 to S$17.1 million due to derecognition of sales booked prior to LSO acquisition completion

• Non-controlling interests decreased dramatically to S$230,000 from S$24.9 million reflecting lower foreign currency assets from LSO Group following post-acquisition reassessment

• Company still reviewing draft purchase price allocation report from independent valuer for LSO Group acquisition with final PPA pending completion