Great thread title @AnachronistSadly, says it all really. My...

Great thread title @Anachronist

Sadly, says it all really.

My inquiries to the company have also not received a response. Very disappointing.

I agree with your post @lectro, but at the same time, the more I think about the situation BLG are now in (ie, waiting on the ATO, radio silence, hoping to be able to announce receipt of the funds) the more I think that this should have been managed better.

For all the new 'confidence' (?) in current management, one would hope and expect that, as a company, BLG have evolved into a more professional entity. The radio silence infers 'we're just hoping and sitting this one out until we get whatever funds the ATO will give us...', which is not what I want as a holder.

Based on the last Quarterly comments, they had just under $1.8mil plus (unknown) revenues since the 1st October. Lets be generous and hope they have received $200k in revenue since, so $2m total cash. We are now passed the halfway mark of the quarter, so lets assume they are down to $1mil cash currently. Quarterly cash burn rate was, say $3mil, less promised savings so again, lets be generous and say $2.5mil. Once again, we are half way through the quarter and lets assume they have been fiscally prudent so far this quarter with expense payments so have spent only a $1mil so far.

I'll let you guys do the math.

So, my question is, based on the above scenario, at what stage will the company react and seek additional cash? And more importantly, notify the market, as they have a duty to do?

Given the uncertainty over the R&D Rebate calculation, will R&D Capital be prepared to hand over a further loan? Remember, loans also come with interest payments....!!! Also be mindful that BLG's financiers, ie Commbank and R&D Capital + unknown others, would be more than aware of the company's cashflow status.

The longer this goes on the worse it looks and sadly, this a situation of the company's own making so reflects directly on the board and management. The recent Annual Report included a specific note from the auditor about the importance of the R&D Rebate calculation and 'going concern' status of the company, so its not as though they can claim they were not aware or have been 'blindsided' by the ATO.

The 'two Jim's' need to get on the front foot and put in a contingency plan, urgently. If this means BLG has to announce a trading halt to raise cash, then so be it. You do not want a situation where a financier makes a bad call on the company.......

So let's not have them hide behind silence - man up, get it done and then lets get on with growing the company!!!!

GLTAH.