Material uncertainty relating to going concern Without modifying our opinion, we draw attention to Note 2 of the Financial Report, which indicates that the Group will require further funding in the next twelve months from the date of this report to fund its planned operating costs. These conditions, along with other matters as set forth in Note 2, indicate the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern and therefore the Group may be unable to realise its assets and discharge its liabilities in the normal course of business.
From Note 2: The continuing applicability of the going concern basis of accounting is dependent upon the Group’s ability to source additional finance. The directors are confident that the Group will be successful in securing additional funds, should the need arise.
Based on these facts, the directors consider the going concern basis of preparation to be appropriate for this financial report. Should the Company be unsuccessful in securing additional finance, there is a material uncertainty which may cast significant doubt whether the entity will be able to continue as a going concern and therefore, whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report.
BUD Price at posting:
2.3¢ Sentiment: Buy Disclosure: Held
