Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-31

My concerns are similar to any tech company that hasn't yet generated sufficient revenues or profits. High ongoing expenditure, commercialised tech.

The truck/tech has had issues in the past, so its good to see it out and building now. There's also a lot of obstacles mentioned previously about building regulations but the fact they've built two structures already helps to quel those issues.

The current agreements are quite small in nature and are really there as a proof of concept. They need to get to the stage where the trucks and tech becomes commercial viable not just from a capex perspective but also operationally in the field.

i do have concerns about management as well as this the Pivacs first foray into the listed space and some of the decisions have been questionable.

Overall the tech is a great idea and I hope it succeeds.

For audit purposes, they would like to see 12 months of cash to cover expenses from the date of signing the full financial accounts. Since FBR doesn't generate enough revenues to cover costs, they will need external funding until this occurs.

The loan was to help bring that cash forward since they knew they were going to receive and R&D refund.

Directors are required to keep a company solvent, and in the event they become aware they can't, then they would become insolvent (requirements per the corporations act).