No immediate concerns regarding future capital raising - management has made it clear they won't be doing that at the current share price / multiple, and prefer debt instead. They will end FY22e in June with about $7m net debt (w/ $2m of that being cash). Don't think they will raise any more given by end of 2022 (calendar year), net debt will be down back to ~$3m given an incremental $3-4m in cash generation. Liquidity wise they are in a very good place. Additionally, they've got a revolving credit line from CBA for up to $10m, so if in worse, worse case there are a "cash flow shock", they would just temporarily draw down on that.
