Ann: Response to ASX Query, page-7

so:
cash end March 17 $1,137,000
less exp to June 17 $880,000
est cash 30 June 17 $ 257,000

plus est proceeds shares $440,000 (if lucky?)
Total cash est as at 30 June 17 $ 697,000

Less alleged Exp Sept Qtr $700,000 ( see below)
Funding Deficit $3,000

we can discount any cash from:
- R&D Tax refund - because they have been fighting it since 2014. It would be a Xmas present if they get anything - no certainty there at all
- Lanstead - buckleys of anything coming from Lanstead. SP has to get back to $0.0017c
- cash from sale scrap from Pilot plant - again, cannot rely on any funds from that.

So reduction in staffing and consultants fees supposedly saving $60,000 p/m?
A Qtr is therefore $180,000.

So they might have $697,000 at 30 June 17.
IF they reduce Qtrly expenditure from the above $880,000 by the alleged $180,000, then means they will anticipate spending $700,000 for Sept Qtr? ($880k less $180k).

So that gives them a cash flow deficit for Sept Qtr if none of those other funding materialises. They would have already sold equities investments.

Remember, LWP is contracted to provide Pune with US$17,000 per mth !! So that's about A$70,000 per qtr.

Any equity raising outside of Lanstead fiasco, is so obviously out of the scenario.

If those hopeful funding sources of Tax Refund does not come through before end June, then at that point (if not sooner) LWP is INSOLVENT !!!!

Insolvency does not start when LWP actually runs out of cash.
My understanding, a company is insolvent when a reasonable person would expect that it cannot/might not be able to pay its bills !!???

Relying on ATO refund, or proceeds of sale of scrap plant, is simply not what a reasonable person would rely on.

At Seller at $0.001, and NO Buyers ----- LWP is still over-priced !