The ASX has suspended Martin Aircraft, the maker of the world’s first commercial jetpack, from trading.
The exchange says the company has failed to lodge its preliminary final report or its half year report and accounts for the period to the end of June this year.
On Monday, the company said it was in discussions about ongoing funding and with its auditor on finalising its June 30 Financial Statements.
“Subject to the outcome of these discussions, there may be a material impairment of capitalised development assets and other assets in the Company’s preliminary FY17 Financial Statements,” the company said.
The company foreshadowed that it would be suspended from trading.
“As a result of the ongoing discussions, and the work that will need to be done subsequently to finalise the FY17 Financial Statements, the Company does not expect to have its FY17 Financial Statements completed and lodged by the ASX reporting deadline on 31 August 2017,” the company said.
“As a consequence, the Company wishes to advise shareholders that it is likely that the Company will be automatically suspended from trading on 31 August 2017 until the FY17 Financial Statements are completed and lodged with ASX.
The release of the world’s first commercial jetpack was expected in 2016 but was delayed by more than a year, sparking a restructure at the company.
The company cut jobs, reorganised the management team and the board of directors was cut to five from seven.
New Zealander Glenn Martin has been developing the concept for Martin Jetpacks for more than 30 years.
Its shares last traded at $0.06.
Here’s one of the jetpack prototypes in operation: