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654 Posts.

113

30/08/18

22:40

Post #: 35309990
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Originally posted by coppashaft ↑

Review and results of operations and financial position

During the reporting period, IOT has been clearing redundant stock and reviewing and developing new technology and devices for the next generation of products. IOT has also been consulting to client companies, assisting them with the development of their IOT device requirements and services. IOT expects to receive revenues from its new IOT device clients before December 31st 2018.

Going Concern

As at 30 June 2018, the Group had Cash and cash equivalents totalling $104,469 and during the period the Group incurred a loss of $2,861,428 resulting in net current assets being reduced by $1,741,664 from $1,795,512 to $53,848 over the period.
The directors believe the Group will be able to pay its debts as and when they fall due and continue to fund near term anticipated activities.
The ability of the company to continue as a going concern is dependent upon the Group being successful in:

a) Significant increase in revenue and consulting services;
b) Completing further capital raising to provide funding to meet the Group’s ongoing working capital and operating costs; and
c) Realisation of current assets held at balance date.

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