Back on the right Pahth

A REVIEW of Pahth Telecommunications Ltd’s operations has cleared the company of breaching the Corporations Act in its half-yearly report to December 31 2001.

Stanton Partners, the accounting firm that reviewed the company, made it clear its work was not as comprehensive as an official audit would be. Nonetheless, the firm said that, based on its review, it had not become aware of any matter that suggested Pahth’s financial report of the company was not in accordance with the Corporations Act.

On that basis, Pahth gave a true and fair view of its financial position as at December 31 2001 and of its performance for the half year ended on that date, and the company complied with mandatory professional reporting requirements.

Despite this , John Van Dieren, a partner at Stanton Partners, said there was still inherent uncertainty regarding Pahth’s continuation as a going concern.

At the end of the December quarter, Pahth had just $24,000 in available cash, and though the company raised about $500,000 in January, it continues to spend more money than it makes. However, since mid-February the company’s shares have attracted support from investors, who have lifted Pahth’s share price to about eight cents from about five cents one month ago.