I've read several times since the release of the Q1 report that SMA can't survive another quarter without a CR - with $880k in the bank and a Q1 loss of $1.3m, it's simple maths. But I feel this is an intentionally misleading statement. There's nothing simple about 90-120 day payment terms, and the $1.3m of outstanding receivables at the end of September is being ignored.
I'm finding it very difficult to get my head around the true state of the financials. $1.3m is the net receivables (after deduction of payables), but are these payables included in the Q1 report, or in the Q2 forecast?
$900k of these receivables were collected in October (Response to ASX Aware Query). So even if you assume SMA continued to burn through $425k/mth (as per Q1), they would have had $1.4m in the bank at the end of October, with $400k of net receivables still outstanding.
Q1 expenditure was $2.6m. Q2 expenditure is forecast $1.7m (COGS down 57%, OpEx down 26%). If revenue held at $1.3m/qtr - and the remaining $400k was collected - they would be burning through $115k/mth with $1.8m cash at the beginning of Q3.
I don't believe this is actually the case - if COGS is down, then revenue should be too - but it's no more optimistic than these other posts are negative, and goes to show how easy it is to muddy the water with available data. I would hope SMA's board are being honest about not expecting another CR, but it appears entirely plausible that they are.
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