43 thousand in the bank, page-14

Dont worry about the $3Mill, worry about the convertible notes issue. Just to refresh memories:

Sydney, Australia, 19th September 2006 –The Directors of QuikTrak are pleased to announce the completion of a successful capital raising, comprising a placement of convertible notes. This has resulted in considerable over-subscriptions from professional, sophisticated and institutional investors for
$ 5,500,000 in convertible notes with a face value of 20 cents per convertible note. The lead manager to the placement was Bell Potter Securities Limited.
The convertible notes are unsecured and have a term of two (2) years with a yield of 10 % per annum paid quarterly in arrears.

Not only has the company had to fork out $550K every quarter, within the next 2 months they have to find a load of money to pay out the notes. I wouldn't want to be a shareholder right now because if this technology is great, it leaves your ATCOs in the box seat to acquire it very cheaply. Shareholders (except for maybe MP and friends) will suffer.