Asic commences proceedings, page-6

You should review the last quarterly on 31 Dec 2018.

They had ONLY $23M.

And expected to spend $7M this quarter, not including the recent purchase of USD $4.5M.

At best, at the end of the March quarter, $11M left (assuming they earn $200k income).

That is only enough to last 2 more quarters (not accounting for any legal bills).

Given the lawsuits from ASIC, which investor or potential investor would want to stump up good money, after bad?

There is a serious chance (if you read the statement of claims) the company will face a significant fine.

After that, there is a significant chance aggrieved shareholders will prevail in their own lawsuit.