Ann: Half Yearly Report and Accounts, page-3

This is not the most compelling reading.
"While the Group has developed plans in order to raise additional funds, there is no certainty that it will be able to executesuch plans, which creates a material uncertainty on the ability of the Group to continue as a going concern.
The outbreak of a novel and highly contagious form of coronavirus (“COVID-19”), which the World Health Organization hasdeclared to constitute a pandemic, has resulted in numerous casualties, adversely impacted global businesses andcontributed to significant volatility in certain equity and debt markets. More particularly COVID-19 has namely causedsignificant delays in the launch of the Company’s first satellites and is therefore delaying the generation of revenue. Whilethe launch was planned earlier on in 2020, it has not yet taken place and management has no certainty on when it will takeplace. This situation has put additional constraints on the liquidity of the Group.
In addition, in accordance with article 480-2 (formerly article 100) of the Luxembourg Company Law of August 10, 1915, assubsequently amended and because accumulated losses exceed half of the share capital as at December 31, 2019, theBoard of Directors must convene a shareholders’ meeting to decide upon the continuation of the Company."
And I am still struggling to see how the Winance finance deal was a winner.
"Interest is 1.5% per month, payable monthly. Alternatively, the Company may elect to issue CDIs in payment of the interest,in which case the interest rate will be 2.0% per month. The Company has not issued any CDIs during the period ended 30June 2020, in settlement of interest payable."
That is equivalent to 18% per annum interest rate in an environment of the lowest interest rates known to modern man. The annual interest alone on the 1,800,000 euro draw down would be around 330,000 euro pa. Not to mention the rather large slice of the company Winance stand to get through the 8.6 million warrants they have received.
However I have been told this was a great deal, and Winance are nice guys. I would be too. I just hope Andy & Co. didn't strike that deal on the basis that would they would be up, up & away and have the revenue stream to pay it back fast and limit the damage. Assumptions form a very unstable basis for making decisions.
Geez, I would be happy to lend them some money at 10% pa.

As stated still in for the ride - locked & loaded. Just hoping I'm too dumb to understand the above. And very happy to be corrected.