26th April 2022

MARCH 2022 QUARTERLY CASHFLOW AMENDED

Atlas Pearls Ltd (ASX:ATP) ("Atlas Pearls" or "the Company") today announces an amendment to the publication titled March 2022 Quarterly Update and Appendix 4C released on Friday 22nd April 2022.

The changes to the announcement are as follows;

  • • Section 1.2 (b) product manufacturing and operating costs was originally published as $1,384k for the quarter and has been revised to $1,581k in the attached amendment; and

  • • Section 4 Net increase / (decrease) in cash and cash equivalents for the period, the figures for the current quarter have been amended.

There is no change to the closing cash position originally disclosed.

The Company would like to clarify that during the March quarter 99,561 pearls were sold which included 24,500 pearls that were originally intended for sale in the June quarter.

This announcement was approved for release by the Board of Atlas Pearls Ltd.

Appendix 4C

Quarterly report for entities subject to Listing Rule 4.7B

Name of entity

ATLAS PEARLS LIMITED

ABN

32 009 220 053

Quarter ended ("current quarter")

31 March 2022

Consolidated statement of cash flows

Current quarter

$A'000

Year to date (9 months)

$A'000

  • 1. Cash flows from operating activities

  • 1.1 Receipts from customers

  • 1.2 Payments for

    • (a) research and development

    • (b) product manufacturing and operating costs

    • (c) advertising and marketing

    • (d) leased assets

    • (e) staff costs

    • (f) administration and corporate costs

  • 1.3 Dividends received (see note 3)

  • 1.4 Interest received

  • 1.5 Interest and other costs of finance paid

  • 1.6 Income taxes paid

  • 1.7 Government grants and tax incentives

  • 1.8 Other (provide details if material)

  • 1.9 Net cash from / (used in) operating activities

4,936

-

(1,581)

(145)

(20)

(2,335)

(489)

-

4

(51)

(90)

- -

17,181

-

(3,795)

(307)

(59)

(6,301)

(1,332)

-

10

(193)

(734)

- -

229

4,470

2.

Cash flows from investing activities

2.1

Payments to acquire:

(a) property, plant and equipment

(455)

(1,419)

(b) businesses

-

-

(c) investments

-

-

(d) intellectual property

-

-

(e) other non-current assets

-

-

Consolidated statement of cash flows

Current quarter

$A'000

Year to date (9 months)

$A'000

  • 2.2 Proceeds from disposal of:

    • (a) property, plant and equipment

    • (b) businesses (see item 10)

    • (c) investments

    • (d) intellectual property

    • (e) other non-current assets

  • 2.3 Cash flows from loans to other entities

  • 2.4 Dividends received (see note 3)

  • 2.5 Other (provide details if material)

  • 2.6 Net cash from / (used in) investing activities

- - - - - - - -

- - - - - - - -

(455)

(1,419)

  • 3. Cash flows from financing activities

  • 3.1 Proceeds from issues of shares

  • 3.2 Proceeds from issue of convertible notes

  • 3.3 Proceeds from exercise of share options

  • 3.4 Transaction costs related to issues of shares, convertible notes or options

  • 3.5 Proceeds from borrowings

  • 3.6 Repayment of borrowings

  • 3.7 Transaction costs related to loans and borrowings

  • 3.8 Dividends paid

  • 3.9 Other (provide details if material) Repayment of Lease Liabilities

  • 3.10 Net cash from / (used in) financing activities

- - - -

- (1,317)

-

-

(20)

- - - -

556

(3,449)

-

-

(59)

(1,337)

(2,952)

  • 4. Net increase / (decrease) in cash and cash equivalents for the period

  • 4.1 Cash and cash equivalents at beginning ofquarter/year to date

  • 4.2 Net cash from / (used in) operating activities (item 1.9 above)

  • 4.3 Net cash from / (used in) investing activities (item 2.6 above)

  • 4.4 Net cash from / (used in) financing activities (item 3.10 above)

4,418

229

3,022 4,470

(455)

(1,419)

(1,337)

(2,952)

Consolidated statement of cash flows

Current quarter

$A'000

Year to date (9 months)

$A'000

  • 4.5 Effect of movement in exchange rates on cash held

  • 4.6 Cash and cash equivalents at end of quarter

69

(197)

2,924

2,924

5.

Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Current quarter

$A'000

Previous quarter

$A'000

  • 5.1 Bank balances

  • 5.2 Call deposits

  • 5.3 Bank overdrafts

  • 5.4 Other (bank guarantee)

  • 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)

2,894 - - 30

4,288 - - 130

2,924

4,418

  • 6. Payments to related parties of the entity and their associates

  • 6.1 Aggregate amount of payments to related parties and their associates included in item 1

  • 6.2 Aggregate amount of payments to related parties and their associates included in item 2

Current quarter

$A'000

(57)

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments

-

Interest Payment ($42k)

Director Fees ($15k)

  • 7. Financing facilities

    Note: the term "facility' includes all forms of financing

    arrangements available to the entity.

    Add notes as necessary for an understanding of the sources

    of finance available to the entity.

  • 7.1 Loan facilities

    • - NAB Business Overdraft

    • - Short Term Loan

    • - Shareholder Loan

    • - NAB COVID-19 SME Loan

  • 7.2 Credit standby arrangements

  • 7.3 Other (please specify)

  • 7.4 Total financing facilities

    Total facility amount at quarter end

    $A'000

    Amount drawn at quarter end

    $A'000

    1,500

    -

    -

    -

    1,125

    1,125

    124

    124

    -

    -

    56

    56

    2,805

    1,305

  • 7.5 Unused financing facilities available at quarter end

    1,500

  • 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

Loan facilities include;

  • - Shareholder loan of $4.5m, drawn to $1.125m at 31 March, provided by Boneyard which is repayable by 30 September 2022 at 7.5% fixed interest

  • - NAB COVID-19 SME Loan payable by 30 June 2023 at 4.5% variable interest

  • - Insurance financing, drawn to $56k at 31 March

8.

Estimated cash available for future operating activities

$A'000

  • 8.1 Net cash from / (used in) operating activities (Item 1.9)

  • 8.2 Cash and cash equivalents at quarter end (Item 4.6)

  • 8.3 Unused finance facilities available at quarter end (Item 7.5)

  • 8.4 Total available funding (Item 8.2 + Item 8.3)

  • 8.5 Estimated quarters of funding available (Item 8.4 divided by Item 8.1)

426 2,924 1,500 4,424

n/a

8.6

If Item 8.5 is less than 2 quarters, please provide answers to the following questions:

1.

Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

Answer: n/a

2.

Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer: n/a

3.

Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: n/a

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Atlas Pearls Ltd. published this content on 26 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2022 08:59:04 UTC.