Material Uncertainty Relating to Going-Concern 2.2 Financial Results 2.3  Working Capital (Proprietary) Limited as at 31 March 2018, and of its financial  performance and its cash flows for the year then ended, in  accordance with International Financial Reporting Standards. Without modifying their opinion, the auditors drew attention to  Note 28 on going-concern status in the annual financial statements, which indicated that at 31 March 2018, the company had accumulated losses of P55 881 665 (2017: P43 461 378) and that the company’s total liabilities exceeded its  total assets by P24 768 720 (2017: 12 348 433). The company had  also incurred a net loss of P12 420 287 (2017: P26 614 851). As  stated in Note 28, these events and conditions, along with other  matters as set out in Note 28, indicated that a material uncertainty existed that may cast significant doubt on the  company’s ability to continue as a going concern. The going-concern of the company depends on the amalgamation with Botswana Postal Services Limited, and that  the shareholder, Botswana Postal Services Group Limited, had  agreed unconditionally and irrevocably to provide the new  amalgamated entity with adequate financial support.  During the financial year under review, the company recorded a  total comprehensive loss of P 12.42 million, compared to P 26.61  million in the previous year as explained in the above paragraph.  Income declined by 10% from P99.84 million in the previous year  to P89.74 million in the year under review. Expenditure on the  other hand declined by 19% from P126.45 million in the previous  year to P102.16 million in year under review. The major contributors to expenditure were staff cost of P38.94 million (38%),  cost of sales of P26.92 million, bad debts of P17.02 million, repairs  and maintenance of P2.93 million, lease rentals of P2.13 million,  and finance costs of P2.06 million.  As at 31 March 2018, the working capital position of the company showed current assets of P11.26 million and current  liabilities P50.73 million resulting in a net current liabilities position  of P39.47 million. Current liabilities included loan from shareholder of P10 million  and payroll accruals of P8.43 million.  112 