These Guys at Biotron have acted like the Victorian Government - Spending all the money and running up massive losses to off-set against future gains ??? Good luck with that idea based on the following extract from the AGM Financials' report :
BIOTRON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 The Company has incurred a trading loss of $3,436,524 for the year ended 30 June 2024 and has accumulated losses of $58,680,788 at 30 June 2024. The Company has cash on hand of $393,198 at 30 June 2024 and used $3,568,566 of cash in operations for the year ended 30 June 2024 and received $1,645,114 in research and development government incentives. During the year ended 30 June 2024, the Company raised $19,836 from the exercise of options. As at 30 June 2024, the Company had net liabilities of $244,032 and subsequent to year end, the Company entered into a finance facility for an amount of $500,000 which was fully drawn post year end (refer to Note 22).
Here's the kicker !!! These conditions give rise to a material uncertainty that may cast significant doubt upon the Company’s ability to continue as a going concern.
Nice one Michelle Miller & Co, I invested in your Company back in Feb 2020, SP got to .14c six months later, looked OK, since then it's been smashed to .022c.
Seems like loss making lifestyle Company to me, MM - $385K a year salary and the Directors milking out another $216K plus the Company Secretary via his controlling interest in MIS Corporate business takes another $144K out in fees. Like l said a lifestyle business, wish l had one of those.
ST
BIT Price at posting:
2.2¢ Sentiment: Hold Disclosure: Held
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