NoonTalk needs continued financial support from CEO Dasmond Koh, auditors warn
Auditors flagged significant uncertainty over the firm’s ability to continue operating due to losses.
NoonTalk Media, a talent management, multimedia production and events firm, faces continued financial challenges despite receiving financial support from its CEO and controlling shareholder Dasmond Koh. Auditors have expressed concerns over the company's ability to stay operational, citing losses, cash outflows and liabilities outweighing assets.
In its audited financial statements for the year ending June 30, Koh pledged to provide financial support for the next 12 months, primarily from his Singapore-listed shareholdings. However, auditors highlighted several factors, including a $2.55 million loss for the year and $2.16 million spent in operations, that raise doubts about NoonTalk's viability.
The company's short-term liabilities also exceed short-term assets by around $2.93 million. Despite this, NoonTalk expects income from a new platform marketing business in China, with its subsidiary Ruiqi Zhongxin entering a framework agreement with ByteDance's Ocean Qianchuan platform. The board expects positive operating cash flows if the income from marketing services and planned cost reductions are realized.
NoonTalk remains listed on Catalist and continues to report financial results quarterly, despite the ongoing uncertainty over its ability to continue operations.
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