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Samson Oil & Gas Limited Audit Concern

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In Form 10-K filed on September 28, 2017, Samson Oil & Gas Limited’s auditor, Hein & Associates LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Hein & Associates, the Company is in violation of its debt covenants, has suffered recurring losses from operations and its current liabilities exceed its current assets. The Company incurred a net loss of $2.3 million and had net cash outflows from operating activities of $2.6 million for the year ended June 30, 2017. As at that date, the Consolidated Entity’s total current liabilities of $28.7 million exceed its total current assets of $2.7 million. Its ability to continue as a going concern is dependent on the re-negotiation of debt, the sale of assets and raising further capital. Read more on distressed companies.

The post Samson Oil & Gas Limited Audit Concern appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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