@veryhappy, I will answer your question.
Near 1 Billion shares on issue and cash burn is quite high,
Basically they have nothing proven. it's all inferred...
drifta bvenda lol
From last nights annual report
Going concern
The Company does not currently have an income generating business. It incurred a loss after tax for the year ended 30 June 2019 of $3,146,966 and had net cash outflows from operating and investing activities of $4,151,530. As at 30 June 2019 the Company had cash and cash equivalents of $1,030,734. These conditions indicate a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern. The financial statements have been prepared on the basis that the Company is a going concern, which contemplates the continuity of normal business activity, realisation of assets and settlement of liabilities in the normal course of business for the following reasons: i. As disclosed in note 26, subsequent to the end of the reporting period, the Group completed a placement of 25,000,000 fully paid ordinary shares at an issue price of $0.02 per share. The placement raised $500,000 before associated costs. The placement was issued from the Company’s placement capacity under ASX Listing Rules 7.1 and 7.1A. ii. In July 2019, the Company undertook a Share Purchase Plan (SPP). The SPP was heavily oversubscribed, whereby the Company accepted 348 applications for over $3.2 million worth of shares, being over 2.2 times the amount being initially sought of $1 million, raising $2.05 million by the issue of 125,400,000 shares. iii. On 5 August 2019, 7,500,000 unlisted options exercisable at $0.02 per option were exercised into fully paid ordinary shares. iv. On 23 September 2019, as approved at the general meeting on 18 September 2019, a total of 61,000,000 employee incentive options were issued to employees and Directors of the company. As at that date, the company has a total of 437,238,282 listed options (ASX: NVAO) on issue. If converted, these options could raise additional funds. v. The Directors have prepared budgets which demonstrate that, based on the above factors the Company has sufficient funds available to meet its commitments for at least twelve months from the date of signing this report. The key objective of the Board’s review of the Company’s operations and assets is to ascertain the extent of any changes required to improve the performance of the Company and ensure that the Company is in a position to maximize or realise value from those assets. The Board intends to achieve growth by way of strategic acquisitions of suitable business opportunities. vi. The Board is confident of raising further capital through equity if necessary.
Should the Company not be able to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements. The financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or liabilities that might be necessary should the Company not continue as a going concern
