Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-13

Uncle Fred is treading on very thin ice here when it comes to trading while insolvent.

Their cashflow indicates monthly operating expenses of around $400,000
Quite obviously there are also overdue creditors balances waiting to be paid.

As of today they only have around $300,000 in the bank.

If they take on any kind of debt with trading creditors they will be technically trading while insolvent.

They have less than a month to get their product sufficiently developed and successfully demonstrated to the point of being able to attract commercial interest before anyone is willing to provide them with enough short term funding to keep them going.

There is nothing in this report that indicates this is the probable outcome.
Now they are at the pointy end you would expect definitive explanations of exactly where they are at in product development rather than "indications" and "within the near future"; as well as notification of completion of demonstration and compatibility systems rather than "we're still working on it".

None of this, on top of Fred only willing to chuck in another $150k, will inspire confidence in anyone.
Well done to the note holder demanding their money back.

I have no doubt ASIC is all over them right now.

It's a slow painful death.