Looks like BIT is already developing a cred raising operation - Directors words.
Has to happen of course. Hopefully, they can release some good results prior to this and the SP will be higher when they do.
5. GOING CONCERN The condensed interim financial statements have been prepared on a going concern basis which contemplates the realisation of assets and settlement of liabilities in the ordinary course of business. The Company has incurred a trading loss of $1,323,809 in the half-year ended 31 December 2023 and has accumulated losses of $56,568,073 as at 31 December 2023. The Company has cash on hand of $721,684 at 31 December 2023 and used net cash of $3,261,088 in operations for the half-year ended 31 December 2023. As at 31 December 2023, the Company had net assets of $1,868,683. During the half-year ended 31 December 2023, the Company raised $19,836 from the conversion of options. These conditions give rise to a material uncertainty that may cast significant doubt upon the Company’s ability to continue as a going concern. The ongoing operation of the Company is dependent on: • • the Company raising additional funding from shareholders or other parties; and the Company reducing expenditure in line with available funding.
Thedirectors have prepared cash flow projections that support the ability of theCompany to continue as a going concern for the period 1 January 2024 to 31March 2025. These cash flow projections include significant ongoing expenditureon research and development activities and assume the Company obtains theresearch and development (‘R&D’) rebates from the Australian Government, conductsa capital raiseand maintains expenditure in line with availablefunding. In the event that the Company does not obtain additional funding andreduce expenditure in line with available funding, the achievement of which issignificantly uncertain until secured or realised, it may not be able tocontinue its operations as a going concern and therefore may not be able torealise its assets and extinguish its liabilities in the ordinary course ofoperations and at the amounts stated in the interim financial statements.
We draw attention to Note 5, “Going Concern” in the Interim Financial Report. The events or conditions disclosed in Note 5, indicate a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern and, therefore, whether it will realise its assets and discharge its liabilities in the normal course of business, and at the amounts stated in the Interim Financial Report. Our conclusion is not modified in respect of this matter.
