Virtual reality play GoConnect may have been suspended from ASX trading for 18 months with almost no money in the bank — but that’s not stopping it come up with new business ideas.

The latest venture is virtual reality treatment for “the inducement of calmness and energy, pain management, stroke and dementia rehabilitation”.

GoConnnect (ASX:GCN) subsidiary Go Green this week said it would work with Melbourne virtual reality developer Liminal to develop a means of treating health issues such as pain management with virtual reality.

“VR technology is able to provide a drug free solution to combat the opioid crisis,” GoConnnect said.

“Liminal has developed significant intellectual property with the application of VR technology in pain management.”

It’s not clear how the technology would work.

Health is a new market segment for GoConnect which has previously focused on VR TV, augmented reality chat and VR advertising including providing life-sized holographic displays for retail and entertainment customers.

However GoConnect reported zero customer receipts in the December quarter and only $1987 in the bank at the end of the year.

The two hope to launch clinical trials by partnering with a rehab service in Hong Kong.

Road to re-listing

GoConnect shares have been suspended since September 2016 after the ASX said it failed to lodge full-year accounts.

Those accounts have since been lodged, but the ASX is still questioning how much virtual reality and augmented reality activity is going on at the company.

“There does not appear to be any specifically identifiable direct expenditures incurred … on its principal activities,” ASX listing compliance senior adviser John Johansson said in a market release.

“The company’s revenue and profit for both FY17 and FY16 were entirely attributable to sales of shares in its now 44 per cent owned investment, Go Green Holdings. ASX is not able to reconcile the price at which those sales have occurred with the carrying value of the Company’s investments or the with the financial position of Go Green Holdings, as revealed by its financial statements.”

GoConnect insists it has “met all prior obligations in lodging all outstanding audited accounts with ASX”.

“GCN disagrees with the ASX’s opinion and is confident that GCN has met all listing rule requirements including 12.1 and 12.2.

“GCN’s management has significantly improved the financial value of the company, repaired its balance sheet with the co-founding of Go Green Holdings, and the consistent sale for cash and non-cash considerations of a small portion of Go Green Holdings shares that GCN holds.”

Shares in the company last traded at 0.7c.

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