DUB audited result increases loss by $18.5M to $83M providing reasons but not going to help perception when issued after market on a Friday.

Actual cash receipts for FY2022 are unaffected and remain at $29.9m and cash receipts for the September 2022 quarter are $9.5 million, which is the highest recorded by the Company.

The Board does not consider that these changes materially affect the future financial performance or financial position of the Company.

Revenue – Service Income has been adjusted in accordance with AASB 15 Revenue from contracts with customers to reflect a modification in the treatment of platform and foundation based income following consultation with the Company’s auditor. A review of customer payment history and timing of recognition of invoices issued in FY2022 has led to an adjustment of revenue as stated in the Appendix 4E of $35.6m to $25.3m.

General and administration costs have been adjusted in accordance with AASB 9 Financial Instruments for a single debtor in the amount of $8,160,944. This has been done due to failure of this customer to make contractual payments, the Company deciding to provide for the full amount. The Company notes that its relationship with this partner is sound and expects that there will be revenues from this relationship in future periods.