Their last 4C had two quarters of funding, presumably now only one with $5M debt.
‘It’s very hard to gain a clear understanding of their plan with so many misaligned messages.
The most worrying sign though was the statement that all development costs were being expensed. It’s likely the auditors can not see near term realisable value in those assets and have not allowed them to be capitalised to strengthen their balance sheet.
Ann: Results of the Share Purchase Plan, page-4
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