Unbelievable !!
Raise $1M last quarter and spend it in 3 months, with only $213k left in the bank. What a disaster!
$500k on R&D?? why would you spend $500k on R&D and only $66k on production. This company has no product to sell !!
Last year they had Revenue of $844k.
According to this quarterly with revenues of $101k they are on track to $404k revenue for the year! A drop of more than 50% !!
So, raise another $1M for the Quarter? No chance IMO.
This company may be heading into administration just like Newtel.
Peter Malone you have done it again!
I feel for all the holders.
Ann: Appendix 4C - quarterly, page-2
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