Receivables at 30 June according to this are $15 million,...

Receivables at 30 June according to this are $15 million, compared with $17 million at 31 December. Cash received in half year only $3.7 million.

They say revenue for 1H (ie invoiced and cash for work done during half year) was only $1.2 million. The balance of cash received of $3.7 million means almost nothing was paid for bills owing at 30 December. Basically nothing much was done in the half year (or at least not invoiced).

The Board has not kept shareholders informed and went out and raised money for working capital which they will certainly need.

All the major Chinese projects are delayed. "This and associated safety issues have delayed progress to PET remediation projects underway at Shilongba, Xingyun Lake,Wuhan, Jiangsu, Zhejiang and Shanghai." Suddenly floods have been added to covid as reason.

What a disaster.