Auditor for ex-DJ Dasmond Koh’s NoonTalk Media flags going concern doubts after losses
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The company in 2024 took a $2 million interest-free loan from Mr Dasmond Koh, its founder and CEO.
PHOTO: LIANHE ZAOBAO
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 June 30.
In an announcement on the Singapore Exchange (SGX) on 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 noted that as at June 30, the group, which includes wholly owned subsidiary NTM Masterpiece, recorded net liabilities of $396,881. The company itself had net liabilities of $269,351.
The group also incurred a net loss of nearly $1.8 million and net operating cash outflow of $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 said.
However, the media entertainment company – co-founded by former Yes 933 radio DJ Dasmond Koh – said in its annual report released through SGX on the same day that the net loss of $1.8 million was an improvement from the $3.8 million loss in the previous year.
The report attributed this to “effective operational strategies”.
With measures to “tighten control over expenses and 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.
NoonTalk will hold its annual general meeting on Oct 31 at 10am at One Farrer Hotel, where shareholders will be able to quiz the board on the company’s plans and challenges.
The company in 2024 announced measures to ensure adequate working capital until mid-2025, including a $2 million interest-free loan from Mr Koh, its executive director and chief executive, to be repaid in full on or after July 1, 2026.
NoonTalk said $550,000 of the loan was disbursed during the year and an additional $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 June 30, 2026. THE BUSINESS TIMES
