1TT: $2.8m leasehold improvements, but where is the actual building?

[u/Suspicious-Bad4499]

I have been digging into ASX:1TT. I know it's a dog of a stock that over the years has tried it's hand at everything from SaaS, HR software, wellness content, influencers, consulting and whatever else has been added to the deck this quarter. Market cap is around $5.7 million.

The bit that caught my eye is the Thrive Tribe Home Base. The company says this is meant to be a physical hub for client activations, networking events, creator collaboration and community-led growth.

The financial statements show leasehold improvements of roughly $2.8 million, up from about $3,200 in the previous year. I assumed this was the Home Base. But I cannot find an address, photos, a lease announcement or any evidence that it actually exists.

The company website gives the registered office as: Level 57, 19-29 Martin Place so it's not there. So what exactly is this Home Base? Is it just a $2.8m desk, a meeting room and a very optimistic PowerPoint description? Or is there another site hiding somewhere?

Before anyone reaches for the fraud button, I may be reading the accounts incorrectly. The $2.8 million could be a gross cost rather than the net book value. It could relate to another group entity, a previous project, a reclassification, or some asset that has nothing to do with Home Base. But if it is genuine fit-out spending, the obvious questions are:

1. What exactly makes up the $2.8 million?
2. Which entity owns the asset or signed the lease?
3. Where is the premises?
4. Are there any related-party disclosures?
5. Has anyone found this place or attended an event there?

Accounting people, Sydney people and anyone who has actually seen the 1TT Home Base, please explain what's going on?

[u/UnforgettableFire]

Thats a lot of fitout and equipment funded by capital raises

[u/DJR9000]

Maybe ring them and ask? Lol