Hopefully just to increase stock for expansion and new hardward/software for revenue stream via music streaming as per last ann - Also from last ann Sept Qrtly 31/10 (we only had funding for 1.7 qtrs left) - The problem with large expansion really quickly is stock on hand for initial orders. We don't want too much in hand in case of generational improvements to the product , and then be left with older systems/models.
" 8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Yes, The Company is in discussion with parties for raising additional capital by either equity, debt or trade financing. We believe we can be successful in raising additional funds based on our historical ability. 8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Yes. The Company has reduced operating expenditure and has a renewed focus on sales strategy including expansion into Europe. Management anticipates that we will see increases in revenue from this expansion and further consolidation within the Australian market. Further, in the year ended 30 June 2021, the Company completed a successful initial public offering (IPO) which raised $7 million, and raised further capital of $1 million in 2022, indicating its ongoing ability to raise equity as required. If required, in addition to the ability to raise capital, the Company will explore various debt funding options."
AUA Price at posting:
8.1¢ Sentiment: Hold Disclosure: Held
