As such the Directors must note that material uncertainty does exist and has been disclosed in this report, and that the going concern assumption is dependent on producing a Series 1 aircraft that can be used for capability demonstration, undertaking cost reduction initiatives, securing R&D funding and potentially raising sufficient cash through the issuance of further share capital. These dependencies create a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern.
KCS has provided a Letter of Financial Support to the Company for 12 months from the date of signature of these financial statements that provides a commitment to providing adequate funds to the Company to enable it to complete development and commercialisation of the Jetpack in 12 months from the date the financial statements for the year ended 30 June 2016.
All amounts noted in the financial statements are in New Zealand dollars (unless stated otherwise).