Phoslock Environmental Technologies Limited (ASX:PET) (PET or...

Phoslock Environmental Technologies Limited (ASXET) (PET or the Company) advises that it expects to release its interim accounts for the six months ending 30 June 2023 no later than 8 September 2023.

Board meetings held on 10 August and 29 August 2023 reviewed various cash flow projections and the statement of financial position of the consolidated entity. The Board concluded that the ability of the Group to continue as a going concern and to meet its obligations as and when they fall due within the next 12 months depends on its ability to raise significant additional funds. While the Group continues to explore sources for funding, there is no certainty that sufficient funds will be raised. In the absence of adequate funding or alternative transactions being concluded in a timely manner, the directors intend to put a resolution to shareholders for voluntary (solvent) winding-up of the Company. As a result, the directors have determined that the going concern basis of accounting is no longer appropriate, and the interim financial statements will be prepared on a non-going concern basis.

too bad.