The debt to Cortical has to be recorded as doubtful by...

The debt to Cortical has to be recorded as doubtful by accounting standards because the raise is not yet complete. The next announcement after the annual explains what the DD relates to, and explains it is due to a change in accounting standards from AASB 139 to AASB 9:



The loss for FY19 (off the original full year accounts) was $3 013 043. When you adjust for the doubtful debt provision the loss is $142 010 for the year.

Obviously that hinges on getting the debt converted and the IPO of Cortical away. A loss of $142K for the year is really not bad for a company that has several investments in their infancies. Plenty of listed companies lose substantially more and have zero revenues. BPH has income of $278K from ordinary activities which is a great buffer against the cash burn and helps stem the bleed until their projects start cooking.