$30 Billion Deal, page-4679

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WelshBuffett

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25/03/24

19:29

Post #: 73050626
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Originally posted by Footmax: ↑

Interim financial report stated $700k in the bank - but they did receive $1.6mil in February which was not included in the cash at hand figure of $700k. May have a good cash balance at the moment depending on what the expenditure was in the first quarter 2024.

However, expenses are still occurring as you would expect.

Last auditors report was interesting in that they felt the need to spell out that a CR would need to be run - I suspect by mid year.

The good news is that there could be a significant announcement over the next month or so and a sub 10 cent SP might be just a bad memory.

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 $1,323,809 in the half-year ended 31 December 2023 and has accumulated
losses of $56,568,073 as at 31 December 2023. The Company has cash on hand of $721,684 at 31 December 2023 and
used net cash of $3,261,088 in operations for the half-year ended 31 December 2023. As at 31 December 2023, the
Company had net assets of $1,868,683. During the half-year ended 31 December 2023, the Company raised $19,836 from
the conversion of options. 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
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 2024 to 31 March 2025.
In the event that the Company does not obtain additional funding and reduce expenditure in line with available funding, the
achievement of which is significThese 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, conducts a capital raise and maintains expenditure in line with available funding.antly 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 statements.

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it's quite a confusing statement. As usual more questions than answers! Be interesting to see the books in the next update.

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$30 Billion Deal, page-4679

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