don't forget, page-5

Chris,

The financial reports clearly demonstrate that management do not have control over the costs of running this business. In simple terms, expenses exceed revenues and the business is making a loss (consistently). With respect to the "going concern" position, current liabilities outstrip current assets by in excess of $8.23m, and the ATO debt makes up a significant portion of the current liabilities debt. Hyro is operating at the mercy and cooperation of the ATO with a payment agreement which Hyro has advised they are in default with. How could management allow this to happen?

IMO unless there is a change at the very top management level, it will only be a matter of time before this one sinks to the bottom. Markets rarely get it wrong, and that's why the SP is fading away into oblivion.