yeah they couldn’t fill the capital raise last time...

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Grapire

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191

01/03/24

16:20

Post #: 72699872
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Originally posted by Shortblack: ↑

The company has prepared this preliminary report on a "going concern" basis, even though they state that the available net working capital will be consumed during April 2024.

They state their "going concern" opinion is dependant on a number of factors, some of which are :-
That they come up with around $5mil in working capital within the next 30 days to keep them going until their product is completed & marketable;
That their product is completed and ready to demonstrate within the next 30 days;
If the product and the production process becomes ready, to then come up with around $14mil to fund production.

What are the chances ???

The Auditors are saying they can find no evidence to support the certainty of these outcomes.

The company as it stands is no longer a going concern and the auditors will qualify it as such, along with a qualification that no adjustments have been made in the report as to the recoverabiltiy and classifications of stated asset values, or to the stated values and classifications of stated liabilities.

Good luck getting funding.

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yeah they couldn’t fill the capital raise last time iirc

Presumably Fred will stump up a sizeable sum @12% interest to buy time

I reckon there is zero chance EM will come through with any funds (at the now laughable $14 per share that was agreed to)

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