Ann: Vmoto's 2Q24 Market Update, page-34

Based on an historical 16% inventory to revenue and an expected revenue of $40 to 50 m for the fy24, inventory requirements would be circa $8m. Meaning that VMT could have generated up to that much in cash flows by using the balance sheet; this would have been enough to pay for all tranches, plus a little cash generated by operations... If things don't deteriorate I would think we may not make a loss at all this year.
if we are "forced" to lease the new factory we might get $1m a year in rent, rates are low in China meaning debt investments like real estate (leasing) wouldn't yield much.