Chris,The financial reports clearly demonstrate that management...

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.