#FinanceTwitterJa $JFP.ja JFP Limited released their first quarter (Q1) financials which was published on the @jastockex today. However, the financials which were apparently prepared by their auditors bring more questions than answers.
Firstly, the share capital saw an increase of $280 million before transfers and transaction costs. Now, the IPO had 140 million shares being issued by the company and 140 million being sold by JFP Property Investments Limited. How can the share capital record an increase of$280m? 
Hence, net cash in issuance of shares ($215 million) should be reduced by $140 million which would be a material adjustment. JFP Property was an existing shareholder with the number of shares up 140 million.
JFP Property Investments Limited is owned by the principals and is not a subsidiary of JFP Limited. First 🚩
How can the authorized share capital equate to the issued share capital when the prospectus explicitly stated that the amount as at February 11 should be 10 billion units? Second 🚩
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