Ann: Response to ASX accounts query, page-12

Before you call punters brainless fools, better read that paragraph again..



So yes the circa 10 million cumulative total in capital raises during the 2023 financial year repaid the “debts” as at June 30.. And yes the post 30 June raise provided circa 6 million to the coffers with a shortfall still to be placed..

But there isn’t plenty of working capital, unless the vendor of the convertible note opts to convert debt to equity and shareholders agree..

All this I’ve highlighted in the announcement..

I personally don’t see XTC winding up, no one really wants that, including that large note holder.. the accounting standards are a mess but it’s being fixed.. The other issue here is when the mess is fixed, the assets to liabilities ratio needs to improve or it could be viewed as trading insolvent..