To meet its liabilities the business software group needs more than the £125,000 monthly instalments being provided by Innovation through a convertible note agreement.
Innovation is the vehicle of BOS’s former chief executive Michael Travia, which has also called a general meeting to have him reinstated, Marcus Yeoman appointed as a director and Adam Webb removed from the board.
BOS Global estimates that on October 27 its current liabilities (aged creditors) were A$900,000 against cash in the bank of A$185,000 .
To save costs, Bill Brooks, the former Global PMO director, has left.
BOS added there may not be alternative sources of timely funding available and administration is a possibility.