Ex-DJ’s NoonTalk Media defends strategy after auditor’s warning

NoonTalk Media defended its business strategy and cost controls in a bourse filing released on Singapore Exchange on Oct 27 after its independent auditor flagged a “material uncertainty related to going concern” earlier in October.

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Addressing questions from the Securities Investors Association (Singapore), or Sias, the Catalist-listed media production company outlined its plans to achieve profitability, which hinge on new ventures such as an international film awards show and a push into micro-dramas.

The auditor’s warning, dated Oct 16, was issued in the light of Noon-Talk’s financial statements for the financial year ended June 30. The group incurred a net loss of $1.8 million for the year and net operating cash outflows of $900,668.

This marks the third consecutive year of losses since its listing in November 2022. As at June 30, the group’s accumulated losses have reached $9.2 million, and it has fallen into a net liability position of $396,881.

Sias questioned how the board has exercised its oversight duties, given the persistent losses and net liability position.