Ann: Annual Report to shareholders, page-21

Graphene made a fair point, the cashburn is real (although not as high as that other guy claimed). He didn't mean NVX staff number should go down, he was referring to other companies there and as such in comparison our staff cost (or rather, individual salary) should come down. In all fairness, a large portion of salaries are paid in the form of option or rights which helps to reduce cash burn.

Nonetheless, this report isn't a rosy one but one we all knew was coming. And I really wouldn't dare to see what the reaction will be tomorrow - we know it is going to be red but how red... There's nothing new here and we're still waiting for qualification and offtake for Riverside. The latter I'm doubtful will happen before Korepower due to the fact that no big player is going to take such a small volume and on a reducing balance basis too (as that customer will have to taper of to allow Kore'a contract to kick in).

Lastly, it is unlikely the government loan will allow us to fund our operating capital. In project financing every cent is to be accounted for that project only. UNLESS the term of the loan clearly states otherwise.

In summary, we will have to start cap raise in less than 2 years if the cash burn maintain at this rate UNLESS we are able to get those prepayments arrangement/funding in. I have a much bigger holding here than what Graphene described and it is suffice to say I'm concern at the lack of offtake, updates and qualification. And yes I know NDAs, but that doesn't help calming any nerves. I guess the fact that I'm still checking on the announcement means I have yet to lose all hope, so here's to a better next few months...