It is a bit confronting on first glance, but from my perspective the company can comfortably pay off the debts + MNF instalments. VN8 still has $11mill of tax losses too.
Cashflow in is averaging about $600k per month now, cash at bank of $5.4mill.
Payments are $500k per quarter for the Longreach debt. $3.7mill to pay down on MNF in 4 months.
Cash balance end of June Qtr = 5.4mill + 2mill - 0.5mill Longreach - 2.7mill for MNF = $4.2mill with final payment the company will have around $3.5mill cash on hand.
FY23 will be $6-7mill FCF positive EBTIDA $8-10mill and additional debt repayments would be ideal to smash out the high interest Longreach debt. Cost synergies and additional cross selling opportunities would be realized too.
Ann: March Quarterly Update & Appendix 4C, page-8
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