Ann: Quarterly Activities Report and Appendix 5B, page-38

NRZ certainly seems to be facing a short term liquidity problem.

The recent Appendix 5B shows that they spent about $7.5m last quarter (i.e. $80k a day), including $3.3m ($36k a day) on wages and corporate overheads (Items 1.2(d) and (e)). The 5B shows $618k cash in bank on 31 December 2022. They may not have spent $80k a day over Christmas as contractors may have been sent home but would have had to pay wages, rent etc. of 32 (number of days since 31/12/22) x $36k = $1.165 million which is about $0.5m more than their cash balance. This suggests that they may be insolvent or close to it. I don't know if they can wait for the $5 million or the R&D refund.

I am a believer of the project and the team but I am concerned for their short term funding.