IAM chart discussion only, page-2423

I completely understand what you're saying, and appreciate the insight your experience has provided you. I too have experience, more in the case of running businesses across multiple industries, often from a start-up stage and from a relatively low (or zero) customer base. This has taught me many lessons about growth and early-stage business development.

In this instance, we both know all too well that the options are very much in the money, and unless business conditions degrade on a monumental scale, they'll still be in the money when they're due for expiry on the 31st of Dec. The poor performance to date is largely factored in to the SP already, so it'll take a terrible and unforeseen announcement to drive the heads below the strike price and put them out of the money.

I forget the exact value, but the circa $2M cash raised (assuming all oppies are converted) is enough cash to sustain the business for approx. 4x quarters, assuming that cash burn remains the same ($523k last 4C), and revenues do not increase by a single $. I realise these assumptions are very unlikely, but revenues are much more likely to increase at a higher rate that cash burn at this stage of growth, so technically, the incoming cash should be enough to sustain the current organic growth rates. This even allows for increased expenditure on IP development activities for LiLLY and KLiP during the Dec QTR.

These events, in turn, will stabilise the SP heading in to the end of Dec and start of the Mar QTR.

What happens outside of this organic growth, in terms of acquisition, will hopefully be able to be funded from existing cash reserves and deliver immediate cash flow improvements (unlikely I know, unless management hit an amazing buy-out offer with minimal cash involved with shares/options forming the majority of the transaction), or alternatively, will be funded through another CR - preferably later down the track when the price has stabilised.

All IMHO. We can agree to disagree, no?