I think we're talking about 2 different problems. What I have been describing is possibly a concern with not having access yet to $50mio. This is what the accounts are telling us. It's a big worry, because it does change substantially the potential for greater revenues - and also because of the public announcements... Having the accounts now publish, we have an opportunity to go and ask the questions I framed earlier to the company.
On the demand side... If we believe that they had access to $50mio since August last year, then $13mio drawn by YE and just another $1.6mio since is a pretty poor showing - for sure. First Loss is no longer a good reason. With the small capital raise, they have enough to add $20-30mio of lending, and meaningfully move closer to the heralded target of CF+. So yes, just following this line of thinking, you got to conclude that the demand has been well below what was expected.
SPX Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
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