Listening., page-54

He's also using a model of debt for a mature company it's a different story for a new technology company going through rapid growth and still developing new products. The ABC of finance is clear, rapid growth of sales need a service of debt to fund the expansion, lack of such results in the death spiral ie not enough cash to buy materials for forward sales. So the refinance with a $5mUS buffer at a lower rate with longer payment terms is a very good move. On the other side of the coin they are CFP 2 months and tracking same in August.
If recurring revenue is A$2.0m per month and growing and the Pegasus order is now kicking in @ $10m/yr the revenue for YE 2018 is looking at $34m gross margin @ 40% = $13.6m
And the upside is the Identified addressable market opportunity in excess of US$3.0bn, which is why we invest in these new companies. All the upside in the sp is stripped out imo and its trading at below value. But that's the current retail sentiment, doesn't mean it's correct.

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