Note the following from the June Half Year Report:
"... The financial report has been prepared on the going concern basis which assumes the continuity of normal business activities and the realization of assets and the settlement of liabilities in the ordinary course of business.
The consolidated entity incurred a net loss during the half year of $3,256,179 (2019 half-year: $2,557,036). Net cash used in operating activities was $2,941,273 (2019 half-year: $2,149,873). As at 30 June 2020, the consolidated entity had cash of $2,655,721 (at 31 December 2019: $5,823,291) of which $60,987 (2019: $60,167) is restricted as it secures future lease payments. Subsequent to 30 June 2020, the consolidated entity raised an amount of $6,875,053 through a private placement.
In the opinion of the directors, given the current stage of development of the technology and taking into consideration the consolidated entity’s financial position and performance, the consolidated entity is able to continue as a going concern and pay its debts as and when they become due and payable.
The directors note that any furthering of commercialisation activities in relation to the technology will only proceed once sufficient additional funding has been secured. The directors are of the view that the consolidated entity would be successful in securing such additional funding from existing or new investors. Therefore, the directors consider it appropriate to prepare the half year financial report on the going concern basis. ..."
I recall some discussion at an AGM to the effect that banks would be very happy to finance AP at the point that a finished and demonstrable chip was able to be produced and a suitable marketing plan created to take it to the world.
(20min delay)