a capital raising following this productdevelopmentmay be more readily embraced by the financial community and therefore in the best interests of shareholders. Hoodwinkle
Planned Corporate Activities
The Directors have reviewed the business outlook, cash flow forecasts and immediate capital requirements and are of the opinion that the use of the going concern basis of accounting is appropriate as the Directors believe the Companywill be able to pay its debts as and when they fall due.
In forming this view the Directors have taken into consideration the following:
•The Companyneeds to raise additional capital or enter into debt arrangements via any means available to it in the next 1-2 months (together the ‘Funding’) inclusive of, but not limited to, placements, convertible notes, shareholder loans, research and development (R&D)loans (for previously incurred eligible expenditure) or rights issues, in order to fund the ongoing operational and R&D expenditure to further commercialise the Company’s parental control platform Family InsightsAppand Frugl grocery comparison product; Desparation
•A binding loan facility agreement that was entered on 16 October 2019 with Mathew Walker, a Company director, for up to $600,000, available on call, unsecured, interest free and repayable upon the earlier of, the completion of a capital raising of not less than $1,000,000 (Raise), or 31 October 2020 (Director loan).
If the Director Loan remains outstanding at 31 October 2020, the loan will roll on a quarterly basis until the Raise has been completed Wishful thinking
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