At a minimum, this is a can kick down the road.
Most on here would know of my expressed concern for short-term cash requirements and the need for additional capital especially over the past 3-4 months. But I read the quarterly, analysed the language five ways to Sunday and WRONGLY assessed that IO may - just - be able to skate over the very thin ice. The touted $1.4m of immediate receivables implied that there might not be a need for a CR. Fooled again.
So this CR is not surprising; just (sigh) disappointing.
It infers that insufficient receipts have come in since the announced $1.4m of receivables and the till is dangerously low again. By "dangerous", I mean approx one month worth of working capital left (!) ....which, by the way, is just a crazy way the run a public coy that has indeterminant and sporadic receipts.
I est that 3DP monthly out-goings are about $800k (based of MarchQ)...so if we take FYQ4 starting cash of $0.9m + $1.4m (receivables) - 2 months costs ($1.6m) leaves only $0.7m at end of May (less than 1 month WC!!!!)... IF nothing else came in after the $1.4m. Unfortunately, there have been no announcements or hints to support the hope that any other material receipts have come in from the oft touted "big clients"since the $1.4m announcement. So one can only conclude receipts have been less than expected in the last month and hence the need for the CR.
IO has continually espoused the expectation....the hope.....that material receipts will flow. It is disappointing that another month has gone by whereby this has not the case.
The real concern here is that a) IO still hasnt demonstrated sufficient confidence in being able to predict C-flows, and/or b) 3DP's product/business model could be diverging from customers strategic requirements.
Either way, the market desperately needs material and tangable proof of the products value and company's survival...growth (?) outlook.
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