Ann: Half Yearly Report and Accounts, page-7

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blister

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09/03/21

16:41

Post #: 51634946
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Originally posted by PaullyD ↑

C'mon blister, it then goes on to say:

The Directors have concluded that the going concern basis of preparation of the financial statements is appropriate and any uncertainty regarding going concern is mitigated by the following:

● As at the date of this report, the consolidated entity had cash on hand of approximately $2.75 million, which is sufficient to meet the ongoing corporate costs and expected project commitments for a twelve (12) month period.

● Proven ability of the consolidated entity to raise the necessary funding or settle debts via the issuance of shares, as evidenced by the raising of $1,566,905 in cash and debts converted during the half-year ended 31 December 2020, and by the further raising of $3.8 million in cash between 31 December 2020 and the date of this report.

Based on the above, the Directors are of the opinion that at the date of signature of the financial report there are reasonable and supportable grounds to believe that the consolidated entity will be able to meet its liabilities from its assets in the ordinary course of business, for a period of not less than 12 months from the date of this financial report and has accordingly prepared the financial report on a going concern basis.

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Fair point, but those numbers are already 50% of that given the "debt for shares" arrangement and current cash burn......but if the directors aren't worried why should we be

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