I'm a little uncertain about the accuracy of what is written there. The earlier disclosure of the debt facility in this document states that there is a new debt facility but doesn't detail how large, only that they have drawn down $500 so far (see quote below).
"Further, subsequent to year end, the Company entered into a finance facility agreement and has drawn down an amount of $500,000 with an interest rate of 1.33% per month which compounds monthly from the commencement date of the loan until the maturity date. Maturity date of the loan is 5 business days after the Company’s receipt of the FY2024 R&D Rebate from the Australian Taxation Office. There have been no covenants or other conditions attached to the loan."
I'd make two comments on that:
a) Drawing down the money doesn't mean its spent, although at $300k per month I would assume they have spent approx $200k of it by now. b) If the total facility is only $500k as inferred in the separate going concern statement shown in your post then that isn't going to keep the lights on until R&D cheque time.
I suspect that the going concern statement contains an error. If not then we have a problem.
BIT Price at posting:
2.8¢ Sentiment: None Disclosure: Held
