The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on the going concern basis.
The Company incurred a loss during the year of £3,733,100 (2023: £2,174,509), which has been funded by the company's parent company, Mytos Inc. During the year a loan of £6,699,387 was converted to equity by the issue of new shares in the company to Mytos Inc.
Mytos Inc will continue to provide further financial support to the Company for the foreseeable future and at least for 12 months from the approval of these financial statements.
The Directors having assessed the current financial position of Mytos Inc. and the overall group and have a reasonable expectation that the Company will have adequate resources to continue as going concern and pay its liabilities as they fall due for the foreseeable future being a period of at least one year from the date of approval of these accounts by the board of directors.