Hi CDO. In the May webinar Floate confirmed the first loss holding is 10-20%. However at 30/6 the restricted cash is $3.4M against a DW of $12.6M which is 27%. So yes, I agree something is up.
There is a clear warning sign here because they have only $4.9M unrestricted cash which isn’t even enough to cover the employees/directors benefits for the coming year, never mind all the other costs of the business.
Even @BigKenny will eventually figure out what is going to have to happen… ever more dilutive capital raises, if they can find the investor appetite for it. @PRD2427 was correct when he flagged how critical the dead options were - that was the business’ future funding plan, and now it’s toast.
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