Our firm was engaged by a small-cap ASX listed client during a transitional phase as they wound down their current activities and explored alternative investment opportunities. The client required a turnkey solution to support the wind-down process, attend to all financial compliance and regulatory obligations post-wind-down, and assist in a proposed reverse takeover transaction.

After a brief handover with the incumbent financial controller, we quickly took responsibility for all bookkeeping activities, financial management and reporting, financial statement preparation and audit, and taxation and compliance.

The assigned Virtual CFO first prepared updated cash flow forecasts and ad hoc management reports as requested; helped with the termination of supplier contracts and the disposal of major fixed assets; and handled regular reporting for the ASX, including the preparation of Quarterly Cashflow reports (Appendix 4C).

Meeting statutory reporting obligations was a key component of our engagement. We prepared detailed half-year and annual financial statements, then worked with the external auditors in their verification work, providing all requested information and addressing issues promptly and transparently. Finally, we presented the reports to the board for approval.

We also prepared detailed R&D Incentive calculations and comprehensive income tax workpapers and managed all ongoing financial and taxation compliance matters in collaboration with external professional firms.

Upon our client’s identification of a proposed reverse takeover target, we provided valuable transaction assistance, including delivering timely and detailed financial information and analysis.

Our seamless integration into the client’s operations ensured continuity and stability during a critical phase. By providing meticulous financial oversight and strategic support, we facilitated a smooth wind-down process and supported the client in their exploration of new investment opportunities.