Conerned
You arecorrect they wont be broke by Christmas but buy next June at the latest they will be out of cash.
I only browsed the annual report and missed a couple of items
1. 377 K of the Lanstead loan is in long term assets
2. The 500K recently raised
However you are ommitting the trade payables of 1.8M
Also the Lanstead loan is now less than the remaining 2.072 due to the falling share price .
However in looking closer at the accounts I was shocked at their real position.
Revenue for the first 6 months was only 478K and of this only 75K came from the new business model.
So how does this reconcile with the March quarter statement that revenue was 1.12M for the quarter and that graph of the new business on Aug 23rd announcement shows 309M in revenue for the first half but what it does not say is how much of that amount actually goes to SMA. The annual report says they only got 75K or just 25%.
They also state that the Gross margin on the new business is 48%. Even at that rate they need their share to be around 7M just to breakeven.
I wonder what new business they will come up with next
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- Ann: Appendix 4C - Quarter ended 30 June 2017
Ann: Appendix 4C - Quarter ended 30 June 2017, page-116
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