Ann: Appendix 4C - quarterly, page-204

I don't see why everyone is so up in arms about the comment from TradeX8 . Everyone here bangs on about "evidence" and "it's there in black and white" but when it doesn't fit the narrative then that's all conveniently forgotten. It is undisputed fact, based on their own accounts, that they have exhausted their cash reserves and must be trading in the negative. That practice is a disaster waiting to happen.

All TradeX8 rightfully asked was why the company has not made any attempt to inform the market as to how they intend to keep trading. If I was the CEO of a company and backed out a steamer like that quarterly then I'd be following up immediately with some advice about how the hell I intend to keep the company operating. This whole "I emailed the company and they said she'll be right" business just doesn't fly.

Without the benefit of any information that supplements the quarterly accounts, there is no conclusion to draw other than the fact they are trading with no funds in the bank and debts accumulating. They have superannuation and tax obligations for their Australian employees together with rent for premises etc., none of which can be paid based on their own quarterly accounts.

TradeX8 is spot on - if they have sourced money from somewhere then whether they are legally obliged or not, they are at least morally obliged to inform shareholders of the situation.