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PO Box 429
Richmond, Vic, 3121
ASX: ISX
iSignthis Ltd.ACN: 075 419 715
t: +61 3 8640 0990
f: +61 3 8640 0953
31 July 2015
Report to shareholders for the Quarter Ended 30th June 2015
iSignthis Ltd (iSignthis or the Company) (ASX.ISX) is pleased to provide the following business update and Appendix 4C for the quarter ended 30th June 2015. Highlights include:
Ø iSignthis has completed integration and launched services with eMerchantPay.
Ø Executed service agreement with e-Wallet service provider SolidTrustPay (Canada)
Ø Executed partnering agreement with IPGPay Limited (Asia Pacific)
Ø Company now has agreements to provide services in Europe, Asia and North America
Ø Awarded further Patents in South Africa, Singapore and New Zealand
Ø Successful investor and trade roadshow completed in Asia and Europe
Ø Presented at the FIS Global Banking Perspectives 2015 conference and won the FIS Global Innovation Challenge
Ø Continued aggressive marketing and promotion of the iSignthis brand and services – building pipeline of opportunities by way of direct sales, channel partners and referrers.
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nal u
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PO Box 429
Richmond, Vic, 3121
ASX: ISX
iSignthis Ltd.ACN: 075 419 715
t: +61 3 8640 0990
f: +61 3 8640 0953
1.0 BUSINESS DEVELOPMENT iSignthis continued to actively pursue additional business opportunities during the quarter and was pleased to announce the execution of two new service agreements with SolidTrustPay Inc (SolidTrustPay) and Hong Kong based IPGPAY Limited (IPGPAY). Importantly, when combined with the Company’s existing service agreements with Adelante, Assurity and eMerchantPay, the newly executed agreements see iSignthis services provided in Europe, Asia and North America. SolidTrustPay Service Agreement iSignthis has successfully entered into a service agreement with Canadian based SolidTrustPay, to provide evidence of identity and Strong Customer Authentication (SCA) services, as a consumer of its services. SolidTrustPay was launched in April, 2006 and has grown to serve millions of clients worldwide. In addition to providing exceptional e-Wallet services, SolidTrustPay provides direct merchant credit card processing accounts designed for the online entrepreneur. iSignthis will provide its identity services to SolidTrustPay, allowing it to remotely on-board domestic and international customers and to assist with satisfying its regulatory requirements. SolidTrustPay will also incorporate the Company’s SCA into its European e-Wallet services, and offer SCA to its merchants as a risk and fraud mitigation tool. iSignthis expects to commence providing its services to SolidTrustPay in the coming quarter. Partnering Agreement with IPGPAY Limited iSignthis has successfully executed an agreement with Hong Kong based online payment gateway service provider, IPGPAY, as a Channel Partner. iSignthis and IPGPAY will integrate the Company’s cloud based electronic Know Your Customer (e-KYC) remote identity service and SCA by July 2015.
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PO Box 429
Richmond, Vic, 3121
ASX: ISX
iSignthis Ltd.ACN: 075 419 715
t: +61 3 8640 0990
f: +61 3 8640 0953
The service is targeted at Anti Money Laundering (AML) regulated e-Merchants, airlines, and online travel agencies amongst other merchant categories, located in Asia Pacific. IPGPAY is able to facilitate payment solutions across the region including Visa, MasterCard, American Express, China UnionPay as well as a number of local alternate payment solutions. Marketing During the quarter, the Company was invited to present at a number of leading finance and AML conferences, including the recent FIS Global Banking Perspectives 2015 conference in Vienna where the company won the FIS Global Banking Perspectives Showcase Winner as part of the Global Innovation Challenge. Representatives of the 400 banks in attendance at the 2015 conference voted for iSignthis over the other entrants. A strong pipeline of opportunities has been established as a result of attending the conferences and presenting to a targeted audience of AML obligated entities, including payment service providers, sports gamblers, e-Wallets, Forex traders and Bitcoin traders. The Company’s dedicated sales team is focused on pursuing additional business opportunities and looks forward to the prospect of announcing additional service agreements in the coming quarter. Customer Acquisition Strategy The Company has now adopted a strategy to acquire ‘consumers’ of its services as follows, noting that our consumers must have payment acceptance capability in order to unlock identity related to payment instruments. Payment acceptance capability may include facilities for processing of payments via credit cards / debit cards, direct debit, eWallets and other electronic payment methods.
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PO Box 429
Richmond, Vic, 3121
ASX: ISX
iSignthis Ltd.ACN: 075 419 715
t: +61 3 8640 0990
f: +61 3 8640 0953
The three-tier approach adopted by the Company is via:
Ø Channel Partners, usually Payment Service Providers (PSPs) or Payment Gateways
Ø Direct sales, where the prospective customer is of scale or strategic Ø Referrer agreements, via professionals or consultants to their
customers Channel Partners Payment acceptance is usually delivered via PSPs / Payment Gateways, who in turn form a natural partner to iSignthis. PSPs are aggregators of consumers of our services, being merchants or service providers. PSPs already have existing relationships with our prospective customers, and they operate technical support, and have sales teams that seek to expand their own market share. The advantages to iSignthis are that:
Ø a single technical integration may reach hundreds or tens of thousands of prospective consumers of our product, with service enablement subject only to commercial agreement between the PSPs and the consumer.
Ø the company has the advantage of the PSPs existing relationship with the prospective customer
Ø the Company’s services are marketed and sold by external sales teams across diverse geographic and industry sectors.
Ø billing and collection is simplified to the PSPs as an aggregation point.
As the iSignthis service is complimentary to PSPs payment processing services, partnering with PSPs as channels via wholesale arrangements is logical for the Company and PSPs, both of whom benefit from the commercial relationship. Current Channel partners include Adelante (specialising in mobile payments), eMerchantPay (multi sector/US+EU operations), IPGPayments (deliver services to Asia Pac + China) and The Flying Merchant (focussed on high risk merchants).
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PO Box 429
Richmond, Vic, 3121
ASX: ISX
iSignthis Ltd.ACN: 075 419 715
t: +61 3 8640 0990
f: +61 3 8640 0953
Our channel partners also benefit directly and consume our services, with multiple partners requesting the iSignthis system be adapted to assist with meeting the PSPs own internal Know Your Customer (KYC) requirements, including the on-boarding and ongoing due diligence of their merchant base. The Company is also exploring Channel partner relationships with technology providers who offer financial or security services to the Banking and Financial Industry, and/or Government. Direct Sales The Company has identified opportunities where it can directly offer services to prospective consumers. In such a case the prospective clients are either large in volume, specialised in service requirements or both. Referrers The Company has executed referrer agreements with AML/ Counter Terrorism Funding (CTF) industry consultants and professionals. This achieves both industry awareness in addition to access via referral of prospective customers. Regulatory Environment AML Identity: Know Your Customer (KYC) / Customer Due Diligence The Company anticipates demand for its services will principally come from the identity requirements associated with AML and CTF. The Company has a global opportunity arising from the AML/CTF regulatory environment. We are seeking opportunities via our Channel Partners in jurisdictions that conform to the legislative model proposed by the Financial Action task Force (FATF). Merchants/Service Providers located in member countries of FATF (http://www.fatf-gafi.org/countries/) are prospective consumers of our services.
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PO Box 429
Richmond, Vic, 3121
ASX: ISX
iSignthis Ltd.ACN: 075 419 715
t: +61 3 8640 0990
f: +61 3 8640 0953
Government Identity We are exploring the use of private sector AML Identity into government applications, including the European eIDAS regulatory environment1. The Company’s patent claims include the adaptation of its technology into applications such as eIDAS.
1 Information on the European eIDAS is available from http://ec.europa.eu/digital-agenda/en/e-identification
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PO Box 429
Richmond, Vic, 3121
ASX: ISX
iSignthis Ltd.ACN: 075 419 715
t: +61 3 8640 0990
f: +61 3 8640 0953
Payment Authentication The European Banking Authority’s (EBA) ‘Security of Internet Payments’2 will be progressively applied between 1st August 2015 through to circa August 2018, with most EU member states requiring PSPs to have SCA in place by late 2016. The requirements are that payment instruments must be linked to KYC grade identity, and both identity and payment instrument must be linked to two-factor authentication (2FA), for ongoing transactions. Provided that the 2FA has both a static and a dynamic element (or biometric), then the core regulatory requirements are met. The EBA requirements are applicable to payment capabilities including:
• Cards • eWallets • Credit Transfers • eMandates
The opportunity for iSignthis under the EBA’s regulatory regime is:
Ø eWallets : KYC for identifying and thus on-boarding customers to eWallets (eg iSignthis will be utilised for KYC by SolidTrustPay and EzeeWallet for customer on-boarding). The iSignthis technology enables remote and automated on-boarding via its AML KYC process, which is a pre-requisite of the EBA regulatory regime, as well as an AML requirement. This a key opportunity for the Company, as presently alternatives for standalone identity services are limited to either manual processes, or, via localised, limited jurisdiction, database driven, passive approach offered by credit bureaus (or similar), which our global, active technology disrupts. Our estimated global reach is 3Bn plus persons who can be identified to an AML standard.
2 http://www.eba.europa.eu/regulation-and-policy/consumer-protection-and-financial-innovation/guidelines-on-the-security-of-internet-payments/-/regulatory-activity/press-release
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PO Box 429
Richmond, Vic, 3121
ASX: ISX
iSignthis Ltd.ACN: 075 419 715
t: +61 3 8640 0990
f: +61 3 8640 0953
Ø Transaction Monitoring of eWallet transactions via SCA, to meet AML and/or EBA requirements. (e.g. eMerchantPay and SolidTrustPay). This a key opportunity for the Company.
Ø eMandate / Credit Transfers : Direct Debit (eMandate) and Credit
Transfer authentication, once the new formats are standardised within the SEPA. We are relying upon standards from the European Payment Council (EPC) Card Stakeholder Group (CSG) to be finalised. iSignthis is a participant in the EPC CSG.
Ø CARDS : SCA for Cards that are not enrolled in a Card Scheme
provisioned payment authentication service, such as Verified by Visa or Mastercard Securecode, which are card issuer centric solutions. These solutions are known as 3D Secure, and presently have low market adoption, despite having been released to market circa 2002.
According to Ingenico (a PSP)3, the 3D Secure V1.0 adoption rates in 2013 were UK (52.5%), the Netherlands (60.1%), Belgium (81.8%) and Switzerland (74.6%). Online buyers in other countries provide authentication in less than one in three cases when they use their cards to make purchases. This is particularly the case for France (19.4%), Germany (28%) and Spain (16.6%). It should be noted that the version of 3D Secure presently implemented is a Single Factor (1FA) version, and in the overwhelming majority of cases doesn’t conform to the new EBA requirements, which require two factor authentication (2FA). 3D Secure also does not presently support mobile or tablet payments, with standards for the next generation of mobile ready two factor (2FA) 3D Secure (known as V2.0) still to be developed by EMV Co, with the standards to allow software development to commence expected to be released in 20164.
The iSignthis SCA solution brings together mobile, multiple card scheme, 2FA and other advantages over the fragmented 3D Secure approach, with iSignthis SCA offered via a single solution and one integration.
3 http://payment-services.ingenico.com/int/en/news/20140513-3d-secure-barometer 4 See January 2015 Media Release http://www.emvco.com/media_center.aspx?id=48
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PO Box 429
Richmond, Vic, 3121
ASX: ISX
iSignthis Ltd.ACN: 075 419 715
t: +61 3 8640 0990
f: +61 3 8640 0953
Example Application: iSignthis SCA : eMerchantPay & Adelante will offer this to their merchant base who require mobile payment support.
Ø SCA for Cards, where the Card Scheme does not provide any
authentication service. iSignthis is technically able to be either a card issuer and/or a card acquirer based system, allowing it maximum flexibility in its adoption. (eg all card schemes except Visa, Mastercard Amex, JCB and Diners). The ECB regulates 30 schemes5 in the SEPA zone.
Ø SCA for Cards that are issued outside the Single Euro Payment
(SEPA) area, and where the European Central Bank (ECB) has expressed a policy position of ‘one leg out authentication’. That is, where the ECB can regulate the card issuer as its outside its regulatory jurisdiction, but the card and transaction is acquired within the SEPA where the ECB does have jurisdiction. As iSignthis identifies the card owner, the issuer does not necessarily need to be within the SEPA zone, allowing iSignthis to offer one leg out authentication6. This allows the acquirer to meet their regulatory obligations. This is an area in which 3D Secure cannot offer a solution under their V1.0 or V2.0 architecture, as it is a conceptual limitation of 3D Secure that it requires involvement from 3 domains, being the ‘issuer + acquirer + merchant’ technical interaction, whereas iSignthis only requires 2 domain involvement, being ‘acquirer +merchant’, or ‘issuer+merchant’ or ‘issuer+acquirer’. That is, the issuer can be ‘one leg out’ via use of the iSignthis ‘acquirer+merchant’ combination with authentication still being possible. Example application: iSignthis SCA will be adopted by eMerchantPay for their SEPA merchant base, where transactions are originated outside the SEPA.
5https://www.ecb.europa.eu/pub/pdf/other/oversightfwcardpaymentsss200801en.pdf 6http://www.ecb.europa.eu/pub/pdf/other/recommendationssecurityinternetpaymentsoutcomeofpc201301en.pdf
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PO Box 429
Richmond, Vic, 3121
ASX: ISX
iSignthis Ltd.ACN: 075 419 715
t: +61 3 8640 0990
f: +61 3 8640 0953
Source: European Central Bank7
Ø Global AntiFraud: The iSignthis process can also be adopted outside of the European regulatory framework by merchants or PSPs anywhere in the world seeking to mitigate Card Not Present (CNP) Risk. CNP risk and fraud rates in Europe have continued to increase8, despite services such as 3D Secure being promoted by some of the card schemes since 2002.
The above services were commercially launched and are today available to our customers and channel partners. The services are based upon our granted patents, and have been researched, developed, engineered and written in-house by the iSignthis engineering team. The Company maintains full control, copyright and patent rights over its applications.
7 Ibid, Chart 3, Page 10 8 https://www.ecb.europa.eu/pub/pdf/other/4th_card_fraud_report.en.pdf
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PO Box 429
Richmond, Vic, 3121
ASX: ISX
iSignthis Ltd.ACN: 075 419 715
t: +61 3 8640 0990
f: +61 3 8640 0953
2.0 CORPORATE 2.1 CASH POSITION At the end of the Quarter, the consolidated group cash balance was $2.267 million. 2.2 SALES Revenues imminent with final stage integration of existing customers to be completed in July 2015. As per the Company’s ASX announcement dated 21 July 2015, iSignthis has now completed integration and launched it service with eMerchantPay. Integration is being finalised with SolidTrustPay, IPGPay, and Adelante. Integration with The Flying Merchant is due to commence within weeks, and should be completed within 6 weeks. The revenue flow will build based on actual transactions processed (for both EOI and SCA services) through the iSignthis platform. Revenue to be accounted for on a monthly basis on actual transactions processed in the period. 2.3 PATENTS The Company announced the successful granting of Patents in South Africa, Singapore and New Zealand during the quarter. Other Patents remain in the ‘pending’ state and will be announced once granted.
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PO Box 429
Richmond, Vic, 3121
ASX: ISX
iSignthis Ltd.ACN: 075 419 715
t: +61 3 8640 0990
f: +61 3 8640 0953
3.0 OUTLOOK Following a second successful quarter as an ASX listed company9, iSignthis is currently focussed on delivering into its existing service agreements and securing additional business development opportunities. The Company’s outlook for the coming quarter includes:
Ø Transaction flow from existing customers to commence in August 2015 resulting in the first reportable recurring revenues and cash input.
Ø Business Development will continue to be a major focus for the
iSignthis team. Building on opportunities created and looking at closing and announcing new agreements with direct customers, strategic channel partners and referrers.
Ø An announcement was released on 14 July 2015 advising of a new
channel partner agreement with The Flying Merchant enabling the automation of KYC and to mitigate payment risk for high-risk businesses.
Ø Technical deployment and delivery of services based on newly
signed agreements.
Ø Continuing R&D of potential new products and services – adding to the disruption of existing processes within the financial services industry.
Ø Further exposure of the iSignthis brand by way of targeted
participation in conferences and finance related events.
9 See Prospectus Dated 22 December 2014 and Supplementary Prospectus Dated 29 January 2015
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PO Box 429
Richmond, Vic, 3121
ASX: ISX
iSignthis Ltd.ACN: 075 419 715
t: +61 3 8640 0990
f: +61 3 8640 0953
Glossary
AML = Anti Money Laundering, usually refers to a regulatory regime that banks, brokers, exchanges, credit providers etc. need to comply with. AML requires KYC.
CTF = Counter Terrorism Funding, often paired with AML as AML/CTF.
Dynamic Data = one time data related to an e-Payment transaction, that is current and used as an input at the time of KYC check. Unlike Historic Data, Dynamic data is only applicable and accessible via the person to whom it relates, and can only be compiled with the KYC target person’s active involvement.
e-KYC = electronic or digital KYC. The process of customer identification remotely via the internet, rather than face-to-face / manual processes.
e-Wallet – a means of storing or processing funds via your mobile, laptop, tablet etc. to more than one merchant or other person.
EOI = Evidence of Identity, which forms the basis of KYC.
KYC = Know Your Customer, a mandatory customer identification process that banks and AML regulated entities must perform prior to offering a consumer service in order to comply with AML law or regulation.
PCI = Payment Card Industry, comprising Visa, Mastercard, American Express, Diners, Discover, China Union Pay. PCI sets the global standards required for security and interconnectivity of banks & processors to merchants via its data security standard (DSS). Level / Tier 1 is the highest standard possible.
Secret = Information which can only be known by or in the possession of (e.g. one time passcode or cryptographic key) the authorised users. This information is transmitted by iSignthis securely within standard payment messages, and used as the basis of challenge / response knowledge based authentication EOI. The Secret is comprised of Dynamic Data.
SCA = Strong Customer Authentication, a means whereby two factor authentication (2FA) is linked to a persons KYC identity and a specific payment instrument (e.g. card or eWallet), and the 2FA is used to authenticate remote payment transactions executed on the payment instrument.
Static Data (aka Historic Data) = data that may have been secret at a historic point in time. E.g. What is or was presumed to be non public data related to a KYC target person, including their credit history report, the person’s mothers maiden name, the persons full name, their drivers licence number etc. It may predate the KYC process by years, months or days, and may be discernable to parties other than who it relates by way of data hacks/breaches10, social media exposure or social engineering. The data is often compiled without the KYC target person’s knowledge, and difficult or impossible to change, in turn reducing its value once exposed or made public.
10 http://www.informationisbeautiful.net/visualizations/worlds-biggest-data-breaches-hacks/
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Appendix 4C Quarterly report for entities
admitted on the basis of commitments
+ See chapter 19 for defined terms. 17/12/2010 Appendix 4C Page 1
Rule 4.7B
Appendix 4C
Quarterly report for entities admitted
on the basis of commitments Introduced 31/03/00 Amended 30/09/01, 24/10/05, 17/12/10
Name of entity
ISIGNTHIS LIMITED (Formerly Otis Energy Limited) ABN Quarter ended (“current quarter”)
93 075 419 715 30 JUNE 2015
Consolidated statement of cash flows
Cash flows related to operating activities
Current quarter $A’000
Year to date (12 months)
$A’000 1.1 Receipts from customers
-‐ -‐
1.2 Payments for (a) staff costs (b) advertising and marketing (c) research and development (d) leased assets (e) other working capital
(314) (127) (21)
-‐ (398)
(435) (151) (21)
-‐ (1,185)
1.3 Dividends received -‐ -‐ 1.4 Interest and other items of a similar nature
received 18 47
1.5 Interest and other costs of finance paid -‐ -‐ 1.6 Income taxes paid -‐ -‐ 1.7 Other (net cash flows from discontinued
operations) -‐ (16)
Net operating cash flows
(842)
(1,761)
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Appendix 4C Quarterly report for entities admitted on the basis of commitments
+ See chapter 19 for defined terms. Appendix 4C Page 2 17/12/2010
Current quarter $A’000
Year to date ( 12 months) $A’000
1.8 Net operating cash flows (carried forward) (842)
(1,761)
Cash flows related to investing activities
1.9 Payment for acquisition of: (a) businesses (item 5) (b) equity investments (c) intellectual property (d) physical non-‐current assets (e) other non-‐current assets
-‐ -‐ -‐
(4)
-‐ -‐ -‐
(4)
1.10 Proceeds from disposal of: (a) businesses (item 5) (b) equity investments (c) intellectual property (d) physical non-‐current assets (e) other non-‐current assets
-‐ -‐ -‐ -‐ -‐
41 -‐ -‐ -‐ -‐
1.11 Loans to other entities 1 -‐ (799) 1.12 Loans repaid by other entities -‐ -‐ 1.13 Other (payments for security deposits) 8 -‐
Net investing cash flows
4
(762)
1.14 Total operating and investing cash flows (838) (2,523)
Cash flows related to financing activities
1.15 Proceeds from issues of shares, options, etc. 16 3,115 1.16 Proceeds from sale of forfeited shares -‐ -‐ 1.17 Proceeds from borrowings -‐ -‐ 1.18 Repayment of borrowings -‐ -‐ 1.19 Dividends paid -‐ -‐ 1.20 Other (Cost of issue of shares) -‐ (445) Net financing cash flows 16 2,670
Net increase (decrease) in cash held
(822)
147
1.21 Cash at beginning of quarter/year to date 3,072 1,985 1.22 Exchange rate adjustments to item 1.21
Cash acquired on Acquisitions 17 -‐
52 83
1.23 Cash at end of quarter 2,267 2,267
1 Loans provided to iSignthis companies prior to completion of acquisition.
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Appendix 4C Quarterly report for entities
admitted on the basis of commitments
+ See chapter 19 for defined terms. 17/12/2010 Appendix 4C Page 3
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
Current quarter $A'000
1.24
Aggregate amount of payments to the parties included in item 1.2
138
1.25
Aggregate amount of loans to the parties included in item 1.11
-‐
1.26
Explanation necessary for an understanding of the transactions
Payments to Directors & Key management personnel.
Non-‐cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on
consolidated assets and liabilities but did not involve cash flows
During the period Company and the Vendor agreed to issue a further 3,370,600 fully paid ordinary shares as settlement for the Cash Shortfall Amount under the terms of the Share Sale and Purchase Agreement. The Company has previously disclosed the issue of Vendor Consideration Performance Shares. These are issued in three tranches and will convert to fully paid shares upon revenue milestones being reached.
As at the date of the this report, none of the milestones have been met in relation to the Performance Shares and none of the Performance Shares were issued or cancelled.
2.2 Details of outlays made by other entities to establish or increase their share in businesses in
which the reporting entity has an interest
Nil
Financing facilities available Add notes as necessary for an understanding of the position.
Amount available $A’000
Amount used $A’000
3.1 Loan facilities
-‐ -‐
3.2 Credit standby arrangements
-‐ -‐
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Appendix 4C Quarterly report for entities admitted on the basis of commitments
+ See chapter 19 for defined terms. Appendix 4C Page 4 17/12/2010
Reconciliation of cash Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.
Current quarter $A’000
Previous quarter $A’000
4.1 Cash on hand and at bank 767 1,052
4.2 Deposits at call 1,500 2,020
4.3 Bank overdraft -‐ -‐
4.4 Other -‐ -‐
Total: cash at end of quarter (item 1.23) 2,267 3,072
Acquisitions and disposals of business entities Acquisitions
(Item 1.9(a)) Disposals (Item 1.10(a))
5.1 Name of entities
5.2 Place of incorporation or registration
5.3 Consideration for acquisition or disposal
5.4 Total net assets
5.5 Nature of business
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Appendix 4C Quarterly report for entities
admitted on the basis of commitments
+ See chapter 19 for defined terms. 17/12/2010 Appendix 4C Page 5
Compliance statement 1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act (except to the extent that information is not required because of note 2) or other standards acceptable to ASX.
2 This statement does give a true and fair view of the matters disclosed.
Sign here: ............................................................ Date: 31 July 2015
(Company secretary) Print name: Todd Richards Notes 1. The quarterly report provides a basis for informing the market how the entity’s
activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2. The definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this
report except for any additional disclosure requirements requested by AASB 107 that are not already itemised in this report.
3. Accounting Standards. ASX will accept, for example, the use of International
Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
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