Ann: Half Year Financial Report 31 December 2015, page-6

The $2.3m rebate is certainly fantastic news for APG shareholders – but I don’t think all Hotcopper readers appreciate how close APG was to going over the edge.

Dom wrote “Wow we get $2.3mil in the kitty now for the R&D refund plus the $600k from capital easing.. That's circa $3mil..... This definately buys us another 12-18 months..”

But nobody should harbour the misconception that APG has $3m in the bank.

The $600k from the capital raising is already all gone.
The H1 Statement of Cash Flows shows the $602,640 for the capital raising that was recieved in November, as all spent by end of December.
APG shows it only had $51,554 in cash remaining at 31 Dec 15. On the edge !!

So with so little cash remaining, how was APG paying the bills. They probably were not paying all their bills on time.
The H1 Statement of Financial Position shows that the Current Liabilites have increased by $0.5m to $2,298,660. Current Liabilities are Debts & Obligations that are due within 1 year.
So now APG has recieved the R&D Rebate of $2,337,175 these unpaid debts will need to be paid. Also don’t forget to add in the bills that APG will have run up over the last quarter.

If you want an more accurate idea of APG’s cash - it might be best to look at the cash held as at the end of Q3 ie 31 March 16.
This Quarterly Report should come out at the end of this month – maybe.
Wilcox