Mate, I've got some experience here and ironically they are, in...

Mate, I've got some experience here and ironically they are, in my opinion, actually doing the right thing with keeping it in a halt rather than suspending, and delaying any Annual Report or AGM (queue in slow golf clap).

If they suspend from trading, they will need to go through an entire recompliance procedure which will include effectively a prospectus with all the associated costs. By rolling these trading halts, they defer this issue - though as you say, with them being non-compliant with their ongoing ASX/Corps Law Reporting requirements, they may still run into these issues anyway. The ASX has internally changed the way they handle such matters, so in many respects its uncharted territory but from what I know... you definitely don't want to suspend from trading if you want a smooth resumption of trade.

Furtermore with the Annual Report/audit, my guess is that the Auditors would want to issue a qualified audit report based on the current situation, which would again complicate any resumption of trading process. So they would be best to sort their financing issues out first, and then the auditors can issue an Emphasis of Matter Report and remove another re-trading complexity.

As such, my educated guess is they are saying, "let's cross that bridge when we get to it" and save on the costs for now until we have some more clarity on whether they are winding the thing up or going to head towards a resumption of normal operations.

Of course, this is all just my rudimentary understanding of the current landscape and is no way advice or fact, so DYOR and good luck to all holders etc.