Budgeting isn’t working out so great for Ephraim with just $1500 in the bank
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Agtech Ephraim Resources told shareholders on Wednesday it had just $1500 in the bank.
“The company is aware of the need for additional funding to ensure it remains in a position to continue its normal business activities and to ensure the realisation of assets” it told investors.
“The directors also acknowledge their responsibility for ensuring that the company does not trade insolvent.”
Latest figures showed the company (ASX:EPA) made zero receipts from customers for the year to date – recording revenues of $125 in the December half-year.
Director Eric Ng has largely been funding operations — providing loans of $439,000 since 2016, and roping in related party Chew Lee Ching to fork out $100,000 earlier that year.
The loan periods have been extended to June 30.
Ephraim asked for patience while it sorts thigns out — requesting a trading suspension until May 18.
“The company has had several advanced discussions in this regard and hopes to be in a position to update the market in the near future,” it wrote to the ASX.
Estimated cash outlflows for the current quarter were $5000.