The rat is getting fatter ... and obviously eating all the cash....

The rat is getting fatter ... and obviously eating all the cash.

I preface this post with - read the Half Year Report/Appendix 4D; do your own research, but - what a disgrace!

Firstly, they had two months to get these to market, and missed the ASX deadline - 8.30am on the 1st March is not the same as the 28th February - yet in the scheme of things I guess the ASX will let that slide because there are worse things to come.

Then, why didn't the Non-executive [independent] Chairman sign the Director's Report or the Directors' Declaration like most other listed companies? - too scared? panhandling? gone fishing?

The balance sheet - oh boy! [and remember this is now 2 months ago] - Current assets (Receivables and Cash) of $347,000; Current liabilities $1.3m - ouch! Wouldn't want to be a staff member waiting for my wages or super contributions. And it looks like the Convertible Notes (Borrowings) are understated - refer note 7(ii) - a 20% flat interest charge (20% x 750,000 = $150,000) - so these should be shown at $900,000

Put that with the cashflow statement - net cash out from operations was $900k (which is about $450k per quarter and includes board and employee costs $1.57m) - add the small amount of capital from the rights issue ($200k) in Feb and the $400k if that actually turns up and you have a very big pile of dog poo.

A going concern? - as John Elliot said on more than one occasion "pig's a*#e"

So Mr Anthony May of Grenwich & Co Audit Pty Ltd - I hope you have been paid your fee and your insurance is paid up cos when this thing sinks and the rat(s) jump, don't be surprised if someone comes asking questions of you.