Cue Matt Serra...
The consolidated financial statements for the reporting periods have been prepared on a going concern basis which contemplates continuity of normal business activities and the realization of assets and settlement of liabilities in the ordinary course of business.
We have assessed that there is substantial doubt related to our ability to continue as a going concern because we had incurred losses after tax of A$20,597,436 at June 30, 2023, as compared to A$11,197,450 at June 30, 2022, had net cash outflows from operating activities of A$5,555,868 for the year ended June 30, 2023, as compared to A$8,055,185 for the year ended June 30, 2022, had a net liability position of A$31,134,307 at June 30, 2023, as compared to A$12,865,790 at June 30, 2022, and net current liability position of A$21,916,914 at June 30, 2023, as compared to A$9,069,424 at June 30, 2022.
The ongoing operation of the Company remains dependent upon raising additional funds. In light of the future expenditures to be incurred in executing on our strategic plans, we are dependent on obtaining financing through equity financing, debt financing or other means. The ability to arrange such funding in the future will depend in part upon the prevailing capital market conditions as well as our business performance. There is no assurance that we will be successful in our efforts to raise additional funding on terms satisfactory to us. If we do not obtain additional funding, we may be required to delay, reduce the scope of, or eliminate our current operations."
The consolidated financial statements for the reporting periods have been prepared on a going concern basis which contemplates continuity of normal business activities and the realization of assets and settlement of liabilities in the ordinary course of business.
We have assessed that there is substantial doubt related to our ability to continue as a going concern because we had incurred losses after tax of A$20,597,436 at June 30, 2023, as compared to A$11,197,450 at June 30, 2022, had net cash outflows from operating activities of A$5,555,868 for the year ended June 30, 2023, as compared to A$8,055,185 for the year ended June 30, 2022, had a net liability position of A$31,134,307 at June 30, 2023, as compared to A$12,865,790 at June 30, 2022, and net current liability position of A$21,916,914 at June 30, 2023, as compared to A$9,069,424 at June 30, 2022.
The ongoing operation of the Company remains dependent upon raising additional funds. In light of the future expenditures to be incurred in executing on our strategic plans, we are dependent on obtaining financing through equity financing, debt financing or other means. The ability to arrange such funding in the future will depend in part upon the prevailing capital market conditions as well as our business performance. There is no assurance that we will be successful in our efforts to raise additional funding on terms satisfactory to us. If we do not obtain additional funding, we may be required to delay, reduce the scope of, or eliminate our current operations."
