net tangible assetts per share 18 cents, page-4

That is correct, the value of net tangible assets per share is MINUS $0.18.

I have been one of the many HC forum members that may have been way to overly bullish on this stock. An example of this would be proclaiming that I topped up again yesterday (A little over zealous maybe!?).

I read the annual report when I got home tonight and it doesn't paint a great picture for the company's future if no further funding is secured. Reading the 'Going Concern' section of the report was enough to make my stomach curdle.

I know that it is a 'proof of concept' company and these types of projects require upfront capital given there is no ordinary source of income. It's concerning how much debt the company has had to take on in the last 12 months just to stay alive.

In addition, they are already intending to borrow against the R&D tax refund they expect to receive at the end of the 2014FY (this was also done in 2012FY and 2013FY).

Now the status of the project is 'ready for construction', however the company only has $600k of cash on hand (as at 30 June 2013). It's pretty clear here that the success of this project over the next 12 months is incumbent on additional funding being received. These sources have been bountied around enough on HC so I won't go in to details other then saying Monash and/or ALDP.

I really hope that funding can be secured so that this company can reap the rewards of all the hard work to date. Obviously if we get a short term SP rise, the options may well be in the money come 14 January 2014 and an additional $14m will be available.

Anyway.. That is my take on the situation.

DYOR all IMO.