OK - this is just something that may become an issue over the next 12 to 18 months. So maybe reason for a good discussion.
Reading the annual report and this is somewhat disconcerting. I qualify in saying a lot of companies get this type of disclaimer auditors note but BIT is undertaking trials so it becomes more relevant.
Does this indicate that BIT will not be able to fund existing trials without either, obtaining funds through some sort of commercial deal - partnerships? or, will some sort of fund raising measures be required 0 Consolidation and CR?
BIT only is up to animal trials (which surprised me as several years back, I am sure there were human trials for HEPB at least. I may be mixing up companies here so that may not be the case.
Be interested in any insight or ideas on this topic.
5. GOING CONCERN
The condensed interim financial statements have been prepared on a going concern basis which contemplates the
realisation of assets and settlement of liabilities in the ordinary course of business.
The Company has incurred a trading loss of $1,938,863 in the half-year ended 31 December 2021 and has accumulated
losses of $50,995,153 as at 31 December 2021. The Company has cash on hand of $2,352,840 at 31 December 2021
and used net cash of $1,838,674 in operations for the half-year ended 31 December 2021. As at 31 December 2021, the
Company had net assets of $1,934,716. These conditions give rise to a material uncertainty that may cast significant doubt
upon the Company’s ability to continue as a going concern.
The ongoing operation of the Company is dependent on:
• the Company raising additional funding from shareholders or other parties; and/or
• the Company reducing expenditure in line with available funding.
The directors have prepared cash flow projections that support the ability of the Company to continue as a going concern
for the period 1 January 2022 to 31 March 2023. These cash flow projections include significant ongoing expenditure on
research and development activities and assume the Company obtains the research and development (‘R&D’) rebates
from the Australian Government and sufficient additional funding from shareholders or other parties. If such funding is not
achieved, the Company plans to reduce expenditure in line with available funding.In the event that the Company does not obtain additional funding and/or reduce expenditure in line with available funding,
the achievement of which is significantly uncertain until secured or realised, it may not be able to continue its operations
as a going concern and therefore may not be able to realise its assets and extinguish its liabilities in the ordinary course of
operations and at the amounts stated in the interim financial report
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