Buddy Tech RIP: Dave you are a disgrace. “Despite this financial...

Buddy Tech RIP: Dave you are a disgrace.

“Despite this financial position, the Directors believe that there are reasonable grounds to believe that the consolidated entity will be able to continue as a going concern, after consideration of the following factors:

• The consolidated entity is currently in discussions with Luminous Wide Limited and Eastfield Lighting (Hong Kong) Co Limited to extend the repayment date of the deferred consideration and line of credit payable;

and

• In conjunction with these discussions the consolidated entity will seek to raise additional capital. The group has a proven record of being able to raise capital to support its business plan including receiving $9.4 million capital raising during the half-year ended 31 December 2019.Accordingly, the Directors believe that the consolidated entity will be able to continue as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the financial report.In the event that the repayment date of the deferred acquisition consideration and line of credit payable is unable to be extended, and should the capital raising be unsuccessful and insufficient funds are available to extinguish the deferred acquisition consideration and line of credit payable, there would be a material uncertainty which may cast significant doubt as to whether the consolidated entity will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report”