Ann: Launch of GoConnect Jam Factory Free WiFi Ma, page-39

re: Ann: Launch of GoConnect Jam Factory Free... NB. Last quarter they spent $355,000 in the first 3 months of this calendar year. GCN had $315,000 left in the kitty at the end of March. This is now the end of July - 4 months have passed with no increase in revenue. They must have drawn on their debt facility already IMO of which $962,000 is already drawn: No or little cash, in debt, negative cashflow and now an ASIC determination questioning their asset base which has resulting in GCN not being able to place monies to investors without a prospectus.

Correct me if I'm wrong.