no more cash: must urgently raise capital, page-2

Further to my previous post, QRS has current liabilities (debts that must be paid this FY) of $3.9mill.

In FY06 payments to suppliers and employees totalled $7.99mill.

As of Dec 31, 06, the company had only $1.1mill in cash.

Receipts from customers so far this FY have totalled only $590k. In as much is these receipts give a rough indication of revenue, it is hard to see how total, non-Baxell revenue for FY07 could exceed $1.5mill (this is chicken feed, given QRS' costs and hefty market cap).

The company can draw only $150k per month from its (highly dilutive) credit facility.

Taking the above numbers as a rough guide, it is hard to see how QRS can continue as a going concern unless it can raise around $10mill.

The company has shareholder approval to issue 15mill new shares. At 40c, the issue of 15mill shares will give QRS $6mill, so another raising later in the year looks inevitable (= further large scale dilution).