Ann: Quarterly Appendix 4C Cash Flow Report, page-22

This year is the year of reckoning. The promise and blue sky needs to really come home to roost. With a current $0.7m quarterly cash burn and $3.3m in the bank they have around one year to turn the ship around. They also appear to have no bank borrowing facilities at this time. There have been quite a few general announcements of late and it does make me think that they are setting the scene for a cap raise - they probably have no choice. It would not be prudent to wait until their backs are against the wall to then consider a cap raise. Maybe a significant trading uplift will save our day, but can they afford to wait and bet on that.