KneoMedia (ASX: $KNM) Half-Year Report Response

KneoMedia Limited (ASX: $KNM) has provided preliminary responses to the ASX query regarding its half-year report for the period ended 31 December 2023. The company confirmed compliance with Accounting Standard AASB 134, a true and fair view of its financial performance, solvency, and ongoing operations.

Executive Commentary on ASX Query Response

The Directors of KneoMedia Limited have confirmed the company's compliance with accounting standards and the true and fair view of its financial performance and position. Additionally, the company has taken steps to address its solvency, including engaging an adviser for balance sheet restructuring and capital raising. The company is in the process of finalizing support from secured and unsecured lenders, which is likely to involve debt to equity conversions. KneoMedia is committed to complying with the Listing Rules and is in the process of confirming various arrangements with its creditors and an anticipated material contract.

Summary of ASX Query Response

KneoMedia Limited has responded to the ASX query by confirming its compliance with accounting standards, solvency, and ongoing operations. The company is actively addressing its financial position through balance sheet restructuring and capital raising. KneoMedia remains committed to complying with the Listing Rules and is in the process of finalizing support from lenders. The company's focus on SaaS publishing of education and assessment products positions it to address a large market opportunity, and it anticipates making detailed market announcements in the near future.