Evolt 360 App Launching with MYQ, page-18

looks like another $500,000 plus an R&D offset are also due:

Going Concern
These financial statements have been prepared on the going concern basis which contemplates the continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business. For the year ended 30 June 2019, the Company incurred an operating loss of $4,357,162. Notwithstanding the fact that the Company incurred an operating loss and a net cash outflow from operating activities amounting to $3,258,801, the Directors are of the opinion that the Company is a going concern for the following reasons:

• The Company has available for working capital $1.65m in undrawn committed convertible note facilities at 30 June 2019.

• At Balance Date, the Company has a further $2m available under the Subscription Agreement with Asia Cornerstone Asset Management Pte Limited.

• A significant Research & Development tax incentive payment is expected to be received for the 2019 financial year (2018: $531,642).

• Under the joint venture with Gold Quay Capital Pte Ltd, the Company is expecting a further $500k in licence fees on the completion of Gold Quay’s capital raising.