Queensland cultivator Tikun Oceana generated revenue of just $5,000 in three years, suffered operational losses of more than $10 million and may have been trading whilst insolvent, a preliminary investigation into the company’s financial predicament has found.
In a report which lifted the lid on the firm’s dire finances, administrator Cor Cordis – appointed by Tikun in July – found a company with surplus product, negligible sales and no funding after shareholders withdrew their backing.
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