BPG Receives A Query Letter From ASX

  • Jan 04, 2019 AEDT
  • Team Kalkine
BPG Receives A Query Letter From ASX

Byte Power Group Limited (ASX: BPG), a company from the retailing sector which is into the business of manufacturing and distributing industrial and IT products, received a query letter under the listing rule 18.7. The purpose of the query letter was that ASX wanted to have clarification if it is following the listing rules or not. Below is the set of the question raised by ASX and the response of BPG.

  • The first question from ASX was to highlight the progress of BPG towards implementing the working prototype of the Wimobilize Big Data solution and what is the outstanding work in progress. BPG was also asked the stipulated time to complete the project and what will be its cost.   

In response, BPG highlighted that through its subsidiary company, Byte Power (HK) Ltd (BPHK), the company has sold a Wimobilize Big Data solution to Shanghai Huahu Information technology Co Ltd. Also, BPHK has made the delivery of the Wimobilize Big Data solution, and all the associated cost is paid.

  • The second question from ASX to BPG was to understand the details and the financial impact on BPG, in case it fails to deliver a working prototype of the Wimobilize Big Data solution within a specified time. ASX also wanted to confirm if BPG fails to deliver within the specified time, is there an option of a refund to the first customer.

In response to the query, BPG highlights that there is no risk of refund to the customer as the product was delivered. It also highlights that the first customers have A$1.158 million due which it needs to pay to the company.

  • The third query from ASX to BPG was to confirm if it received US$232,323.67 as a settlement amount from Soar Labs Pte Ltd by 24 November 2018 or not? ASX also wanted to confirm the stipulated time frame to receive the settlement amount in case of no amount is derived from Soar Labs Pte Ltd.

In response, BPG highlighted the deed of variation executed on 31 December 2018. However, under clause 2.1.3 Soar Labs will be transferring 475,042 Ripple coins in the BPPL’s private wallet instead of US$232,323.67.

  • The fourth query from ASX was to know the update on the legal status of BPX tokens and its discussions with ASIC to understand if BPX Tokens constitute interests in a managed investment scheme or not.

In response, BPG clearly stated that BPX tokens are not a financial product hence there is no interest associated in the managed investment schemes.

  • The fifth question from ASX was to understand the outstanding work of the cryptocurrency exchange and by what time will it be fully operational.

In response, BPG confirms that cryptocurrency exchange was soft launched on 18 December 2018 which allows for registrations on the cryptocurrency exchange. Its trading functionality is still in progress and will be introduced after its trial phase.

  • The sixth question from ASX was to understand the cost involved in the development of the cryptocurrency exchange till date and what outstanding amount still need to pay.

In response, BPG highlights that the details of total expenditure are already made available to ASX separately. The development cost is being paid to Noetic Synergy partially through the settlement amount of Soar and partly through the sale of BPX Tokens.

  • The seventh question from ASX was to confirm if there is a chance of negative operating cash flows for the time with a reason.

In response, BPG seems optimistic about its operating cash flows and will be able to generate revenues from wine debtors, the sale of its Wimobilize Big data solution, the cryptocurrency exchange, the settlement funds and the sale of BPX Tokens.

  • The eighth question from ASX was to understand the steps taken by BPG for raising further cash to fund its operation.

In response, BPG states that wine debtors, the sale of its Wimobilize Big data solution, the cryptocurrency exchange, the settlement funds and the sale of BPX Tokens will be one source of cash generation.

  • In case of any further cash or fund requirement, the board will decide on any initiatives to take. The ninth question of ASX was to confirm if BPG is complying with the 3.1 listing rule of ASX or not. Is it fair enough to disclose its financial condition to the market?

In response, BPG confirms that it is complying with the ASX listing rule 3.1

  • The tenth question from ASX was to confirm if the response given by the BPG is authorized and following the disclosure policies.

In response, BPG gives a green signal to the query. The trading of BPG shares at present in suspended status.


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