Technical Insolvency ?, page-9

Thanks for the additional comments, whether a company is doing R&D in biotech, exploring for minerals, scaling up a current and producing resource, there are no special rules for any company re insolvency and certainly not because they are speculative and pre revenue, what a load a crap. 

Just because the board (or you) think they can easily raise funds to meet their next month or quarters expenditure does not cut it, they need evidence to satisfy insolvency rules that funds are available. History of an easy or over subscribed raise in the past does not sweep aside directors duties and insolvency rules. 

If any listed company cannot show how it intends to fund its business past the expenditure TMT has advised the market for this quarter then lets hope all the board members, executive and staff as casual employees I guess, not to mention fixed costs to run the company are not so fixed. How naive is it to think because a company is not in revenues and an explorer that insolvency rules do not apply !!

Given me a break. 

Some have said heaps of activity has already been undertaken in the early weeks of this quarter and not much more to do...great, if true, most of the planned expenditure has already been spent, even worse without any disclosure to where the funding is coming from to pay bills next month or the month after is a serious problem. 

If TMT cannot show how they will pay bills, staff and entitlements, fixed costs and most importantly projected costs, with a reasonable runway of days or months ahead, they are technically insolvent, ask ASIC. (oh, doesn't apply to us, we are a prospective resource company, don't need be to solvent like other listed companies.....stupid is as ........) 

M