Stark Corporation Public Company Limited or STARK reported the financial statement for the fiscal year 2022, found a net loss of 6,612.13 million baht, a loss per share of 0.5393 baht, compared to the same period in 2021 with a net loss of 5,965.43 million baht. , loss per share 0.501 baht, negative capital of more than 4.4 billion baht, risk of bankruptcy accelerating negotiations with creditors
Stark Corporation Public Company Limited or STARK sent a letter to the Stock Exchange of Thailand or SET explaining that As the company has submitted the company’s group financial statements for the year 2022 ended December 31, 2022. The auditor has examined and certify the financial statements. He did not express his opinion as he considered the situation which affects the uncertainty on the ability to continue the operations (Active Business) of the Company Group.
As of December 31, 2022, the Group had total current liabilities higher than total current assets of 6,628 million baht and negative owners’ equity of 4,404 million baht, most of which is accounts payable. short term loan long term loans and debentures due within a year, are part of such short term liabilities resulting from the classification of long term loans as short term loans Because some financial ratios do not meet the conditions set out in the long-term loan agreement and debenture prospectus.
In addition, in May 2023, the meeting of the holders of bonds No. STARK239A and STARK249A, which have a total outstanding amount of 944 million baht, decided to approve that all principal and interest under the bonds are immediately due. This greatly affects the use of working capital and additional sources of finance by financial institutions.
The company group is in the process of negotiating with creditors of financial institutions to resolve the Group’s debt problem. of such factors causing material uncertainty This could cast doubt on the Group’s ability to continue as an active business.
The Company Group is aware of the concerns of investors and those involved in the delay in preparing the Company’s annual financial statements for the year 2022. and delaying the submission of financial statements several times
Therefore, in order to prepare financial reports that reflect the financial position and performance of the Company Group Including adjusting relevant financial accounts to reflect reality. and collaborate with the auditor Be able to independently examine and express an opinion on financial statements.
The Company Group has changed management and the Board of Directors of the Company Group. In April 2023, the new management and the Board of Directors cooperated fully in the audit and the special audit to resolve the delay in submitting the financial statements. and try to comply with the timetable for submitting financial statements for the year 2022
Read additional press releases >>> STARK continues to negotiate with debenture creditors. Preparing for the meeting of creditors on 23 June
Between May – June 2023 as the Company Group Notified to the Stock Exchange of Thailand on April 28, 2023, the company group informed that it is in the process of working with the auditor to verify the facts according to the auditor’s comments as a special case (special audit) as well as expanding the scope of special audits in accordance with the SEC’s letter dated May 17, 2023, which has not yet been completed. And the results of such special investigations may lead to adjustments to the Company’s financial statements.
from such restrictions This causes uncertainty about the results that may arise from the special audit on the Company’s financial statements. especially the items on the cash flow statement. Therefore, if any additional adjustments are found, the Company Group will immediately correct the facts.
While preparing the 2022 financial statements, the company’s new management discovered several errors. in the 2021 financial statements dated 23 February 2022, which included a number of accounts in the financial statements and significant amounts. Including sales revenue and cost of sales Revenue from rendering services and cost of rendering services inventories Accounts receivable and allowance for credit losses and related expenses The above items are unusual items. And has caused the company’s management to adjust the comparative figures for the year 2021 for the consolidated financial statements for the year 2022 to be correct in accordance with the information currently available.
