Jetpack maker Martin Aircraft has finally delivered its long overdue 2018 full-year report - and the news is all bad.
Auditor PwC says it was unable to prepare the accounts on a going-concern basis.
The Herald revealed the extent of Martin Aircraft's troubles in September last year with a report that the Christchurch had laid off all but a handful of its 100 or so staff - a move that necessitated the surrender of its test-flight license with the Civil Aviation Authority.
Martin Aircraft refused comment at the time, but its report filed this morning says the restructure reduced staff numbers to 11.
It is now down to three casual staff. Board member Ran Elias has been made managing director in lieu of a CEO.
The revenue-less company needed tens of millions to resolve an issue with its Rotron RT1200 engine needed a complete stripdown and maintenance after just 10 hours of flight - well short of the 1500 hours that is standard for small aircraft.
But the past few months have seen it unable to make payments on $7.5m outstanding on a related party loan from Chinese majority shareholder KCS - which has been due since June last year - let alone raise new capital.
Fixed assets, intangible assets and inventory have all been written down to nil.
The accounts filed today say Martin Aircraft lost $13.3m in the 12 months to June 30.
Martin Aircraft shares were suspended by private equity exchange on Unlisted (USX) on March 19 because of its failure to file an annual report.
With no trading since September 2018, the move was largely academic - but regardless infuriated activist investor Ralf Rodel who lodged a complaint with the Financial Markets Authority, only to be rebuffed because USX fails outside the regulator's remit.
Helicopter paramedic Rodl invested his life savings of around $1.2m in Martin Aircraft, only to see his money all but disappear as its share price dived.
The Jetpack maker originally listed on the ASX in 2015 with an IPO that valued it at A$103m.
But its failure to produce any commercially-viable product saw the dream turn sour and founder Glenn Martin walk away disillusioned.
The Australian exchange suspended its shares after it failed to file its 2017 accounts on time. Shortly after, Martin delisted from the ASX and shifted to USX.
Earlier, entrepreneur Lance Wiggs said that even if Martin Aircraft's jetpack had gained commercial certification on its original timeline (its prospectus predicted sales in 2016), it was tricky to see its market.
There would only be so many wealthy individuals willing to buy it for recreation, and it faced challenges in search and rescue, where it could not operate in high winds, and for military applications (once hyped by the company) where un-manned drones had become the pervasive technology.
USX director David Wallace told the Herald this afternoon he was seeking information about when Martin Aircraft planned its AGM before making his next move.