Ann: Trading Halt, page-20

I wasn't expecting this as well. In the Preliminary Final Report released on 24 August 2018, they mentioned the following so I did not expect a capital raising until mid next year. Keen to see what this capital raising is for.

The Group has incurred an operating loss after tax for the year ended 30 June 2018 of $4,301,869, (2017- Loss of $21,971,804 out of which $17,122,984 representing a share based payments for the cost of listing), reported a net working capital surplus of $3,402,537 (2017- $1,304,471) at that date and reported net cash outflows from operating activities of $3,454,282 (2017- $3,068,289). As at 30 June 2018 the Group had cash on hand of $3,356,748 (2017: $1,695,088). The loss reflects the research and development activities of the group as well as administration costs.

The Company, as is common with technology companies in the early development stage, will need to raise further capital. However it has sufficient cash to fund its mandatory obligations for a period of 12 months from the date of this report. Based on the above facts the directors’ consider the going concern basis of preparation to be appropriate.