They'll get the money. You do realise to date they've never...

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BobLoblaw

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01/05/24

13:24

Post #: 73608155
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Originally posted by Shortblack: ↑

Mate if I built a bridge you'd just want to buy it off me.

Yes they talk about two rounds of funding.

"The Company is in the process of securing additional short-term funding to meet its working capital requirements over the next quarter..."

"The Company is exploring the best options for raising capital on receipt of the GEN II chip from Earth Mountain to address the going concern issue raised.."

None of this mean anything. There is no funding available to them.

In Dec 2023 the company advised that it was going to run out of money during April unless it could immediately raise a minimum of $3mil for working capital for Q2.
They have been "in the process of securing additional short term funding" for 4 months. Of the minimum $3mil needed they've only managed to scape together some of Freds loose change.

There will be no funding because the company is insolvent. The figures clearly show that whether Fred wants to declare it or not.

This is a company that has never earned any sales revenue. It is carrying accumulated losses of around $80mil.
Right now it has debts of more than $7mil (probably close to $10mil).
It has $300k in the bank, and that's only because the note holder who got paid yesterday agreed to let them hold onto that $300k otherwise they would be completely broke.

No one is going to invest the substantial amounts they need, in a company that is not only insolvent, but is unable to show any investor the product the company wants them to invest in. Never going to happen. Not even the Chinese will give them anything.

No work will be done on anything. Suppliers will not provide them with anything, (and the company would potentially be breaking the law if they requested them to), unless payment is made in cash up front to the supplier. The company is frozen, wedged, stuck.

Question is how long is their $300k going to last ? Not long.

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They'll get the money. You do realise to date they've never actually got any dough from anyone other than their mates? They've got options.

Also, they've already paid for tens of thousands of speakers, which (as we've all been informed) are being produced as we speak.

AKP Price at posting: $6.20 Sentiment: None Disclosure: Not Held
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