Ann: NNG Quarterly Activities Report and Appendix 4C Jun-23, page-7

Doesn't look too bad to be honest.

Revenue is steady.
Cost had dramatically come down.
GP is looking fantastic.
liabilities have also been coming down ($725k drop in this quarter)
Cash is a worry, but hopefully with R&D funds coming in, Nexion should be able to trade their way into a profit. Then if a capital raise is needed, it wont be an issue as share price had gone up due to profitable trading.

Well done Nexion, you are on the right path.