So EOY financial report for FY 2020 states initial Verification...

So EOY financial report for FY 2020 states initial Verification began in 3QFY2020.

As we have failed verification, our market cap is now back to where we were around that time. Which is fair in some ways.

Pessimists could say that we are back to square one, requiring a redesign with full V&V, yet also now are in a worse financial state, requiring a cap raise and potentially sitting on a large inventory of useless product.

Optimists could say that despite the setback, the redesign may be small in nature and the subsequent Verification may be much quicker, especially since it was allegedly delayed to to covid. With covid calmed down here in Aus at least, the validation aspect via Monash should also be quicker as they have returned to full operation capacity.

It all really hinges on how major this design flaw, and I wish the company would be more transparent with the issue.

I'm more of an optimist myself, but I'm very wary at the lack of transparency at this stage. Though I'm sure they are busy frantically working out a solution, and they're probably keen to release good info to the market once it becomes available.

This sort of share price fluctuation can be expected for a company at this stage. And setbacks are to be expected.

I personally think a more worst-case scenario is priced in at the moment (obviously still assuming the principles of the tech work, which has been verified with initial prototypes, so I'm not as worried about that).

So I'm going to start averaging down at these levels. It may bite me in the ass at the end of the day, but I enjoy the risk

IMO and DYOR.

The excerpt below is from the 2020 annual report.