Genetic Technologies divesting the Australian Genetics Business

So it turns out that my company Genetic Technologies announced on the 22nd September 2014, that the Company had entered into a binding Agreement with Specialist Diagnostics Services Pty Ltd, a subsidiary of Primary Health Care Limited, for the sale of the assets of the heritage Australian genetics testing business. The Australian Genetics business has been fundamental to the Company’s development as a specialised genetic testing service provider, and more recently, a foundation to enter the molecular diagnostics market via BREVAGen. However, when the opportunity to divest the Australian Genetics business arose, the Board elected to do so, focusing the Company on its core asset BREVAGen, and the imminent release of the next generation of the test, BREVAGenplus.

This is obviously as a result of there poor performance in Australia as shown on the financial reports, so I did some more digging into their new endeavour BREVAGen in the USA and found it quite interesting.

Hope you learnt a little too!

Signing out!

Ooooopps

Ooops, I figured if I have linked Part 3 off Assignment 1 on my previous post I should probably link my annual reports for Genetic Technologies, or else none of my company spreadsheet is really relevant is it? Please excuse amateur blogger here!

2014 Annual Report
http://www.gtgcorporate.com/wp-content/uploads/2014/10/2014-Annual-Report.pdf

2013 Annual Report
http://www.gtgcorporate.com/wp-content/uploads/2013/10/2013-Annual-Report.pdf

2012 Annual Report
http://www.gtgcorporate.com/wp-content/uploads/2011/10/2012-Annual-Report.pdf

2011 Annual Report
http://www.gtgcorporate.com/wp-content/uploads/2011/10/Annual-Report-ended-30-June-20111.pdf

Post again soon!

Spreadsheets, spreadsheets SPREADSHEETS! And a partly done draft..

So I am off on holiday to Germany and Poland for a few days so I have had to get almost everything done before I leave! Thank God for coffee is all I have to say!
I don't know how anyone else feels, but finding rather difficult trolling through all these blogs finding ones that I find interesting and relevant, maybe it is my complete lack of blog knowledge (I don't even know how to follow people!)
Anyway finished Part 3 which I am fairly chuffed about, and I must say after putting my companies financial reports onto a condensed spreadsheet it actually does make them easier to understand, and gives me a better view of Genetic Technologies financial position. I was very overwhelmed at the beginning when I was staring at three, 100 page reports! Hopefully I have done my spreadsheet correctly, if any of you lovely students would like to have a nosey at it here is a link below:

https://docs.google.com/spreadsheets/d/1iOaRmSVlPQU27Fk-lPf_ybcCvZRHbVORfrrOKhBiILU/pubhtml

Also it is not much of a draft but this is what I have got so far for my Assignment

https://docs.google.com/document/d/1Bjt2ZoHTM251WgySdkRONSdRvXwo1yilT57BqgIJF6I/pub


Now back to blog hunting and communicating as much as possible with all you awesome people!!

Not exactly accounting related but I though everyone might enjoy this, I know I had a giggle haha.

Signing out!
Peace and Love
Alex

Company Assigned!!!

So I have been assigned Genetic Technologies Limited as my company for this terms first assessment. This is an Australian based global genetic testing business, specialising in cancer diagnostics, with a focus on women's health.

I have to admit I was not overly thrilled with this and my level of enthusiasm dropped even lower as I began to read the Annual Report for 2014.

This is not what you want to have to write in a Financial Report. "Financial risk – the business now called Genetic Technologies Limited was established in 1989. With the exception of the year ended 30 June 2011, the Company has incurred operating losses in every year of its existence. As at 30 June 2014, the Company had accumulated losses of $92,175,113 and the extent of any future losses and whether or not the Company can generate profits in future years remains uncertain. The Company currently does not generate sufficient revenue to cover its operating expenses. There is also no certainty that the Company will be able to raise additional funds by issuing further shares and/or the raising of debt and, if such funds are available, on what terms the Company would be able to secure them." (Genetic Technologies Limited 2015, p. 36)

I guess it could be interesting at least? Don't suppose anyone else out there has a company slowly drowning in this economy?

Here is a interesting article on possible stock manipulation by my company
https://ipowizard.wordpress.com/2015/02/18/a-pump-and-dump-from-down-under-genetic-technologies-gene/

By the way it is cold and rainy in Belfast, and I have a day off so I think I need to take a break, have a hot chocolate and watch some TV. Any suggestions? I was thinking Orange is the New Black..

Signing out, Peace and Love


Genetic Technologies Limited, 2015, Genetic Technologies 2014 Annual Report, viewed 20th July 2015, file:///Users/Alex/Documents/UNI/ACCT11059/2014-Annual-Report.pdf

Hello World!?#$

This is my my very first post... ever...

This little blog is my journey through my Accounting course while studying overseas. Term has started and after my wee mini-break, I have opened up my moodle and started to crack on with the important stuff. I am writing to whomever is reading this from the comfort of my bed in Belfast, Northern Ireland, slightly sunburnt and tired from a weekend of surfing in Donegal. Having lived here in Belfast for a year now it feels as though I haven't really gotten to explore this beautiful country, and little breaks like this are always exciting.

I don't have long left here though, a little under three months to be precise, then it is back to Australia to see all the friends and family whom I miss with all my heart! I am sure these next three months will fly by though; I am working full time at Lush Cosmetics and studying via distance education in hopes of at some point finishing this bloody business degree I have been working at for so long! Feels like I hardly have time to fart, let alone write this blog (although I seem to always find time for a pint of Guinness).

Well I am not going to blab on forever as I am rather peckish and it is cheap Tuesday at Dominos after all. Jumping on a plane to Edinburgh tomorrow so I guess I will check in again here when something fabulous happens.

Peace and love x