Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

As they have for the last year and more, things are looking embarrassingly dismal under the continued "leadership" of Vanessa "I Lack Business Acumen But Remain Inexplicably Arrogant About My Abilities" Wallace and the rest of the dolts that--equally inexplicably--remain at the helm of Ecofibre.

Consider that, for example, Ecofibre's 24 April 2024 3Q24 Update, the Company reported that Ecofibre had $7.1m in cash and EOF Bio had $3.3m. Now, just three quarters later, this update shows that Ecofibre has only $3.1m in cash and EOF Bio only $800k. Despite the Company's promised fiscal austerity and conservatism, they've managed to blow through $6.5m in less than a year--and with nothing to show for it! The picture is dramatically worse considering that the Company had to sell its real estate holdings (after their originally deal fell through) for $9.7m to Will Vicars' hedge fund (if you look into the details, you'll find the address of the buyer matches Caledonia's Sydney address) to pay off $9m of their loan from Nubridge (with payment of the remaining million deferred for 3 years), which would have otherwise come due a week after the sale was announced. Lucky for Ms Wallace that what she obviously lacks in business skill to drive profit or make arms-length deals, she makes up for with connections...or, at least, one with Vicars...

Anyway, the 3Q24 update promised that EOF Bio's "strengthened team and business partners are making good progress against the commercialisation plan as they best position the business for success." Yet nearly a year later, there have been no updates of any kind about that "progress," much less any value realized. Instead the present update says that "the near-term business priority is to secure external funding in order to initiate a Phase 2 clinical trial for Endometriosis Associated Pain (EAP)." In other words, almost a year later they are still only at "prioritizing" getting funding (but haven't obtained any) to start a clinical trial? What the f*ck have they been doing?

It certainly can't be any work, particularly given the serious troubles reported by The Age (/Sydney Morning Herald) with Ecofibre's research partnership with the University of Newcastle supporting EOF Bio's science.

And without having started any actual work because they are still just "fundraising," how the hell do they explain blowing $2.3m of EOF's cash in less than a year? That's a lot of unsuccessful wining and dining potential investors! But maybe it's more like Dr. Capano and Mssrs. Bruner and Ghafghazi's lawsuit is spot on - Ecofibre is simply spending EOF Bio's money (raised by Capano, Bruner, and Ghafghazi) as if it were its own. Tremendous work, Vanessa! Great corporate governance!

Anyway, I'm sure if the lawyers decided to unmuzzle Barry Lambert (known here as Goldlamington), he'd assure us all that the market is impressed. Wisely, I'm sure they'll keep that muzzle snugly in place.

Carry on!