a sorry looking chart, page-5

I'm not an accountant so please tell me if I'm wrong here in my analysis...

The quarterly ASX release relates only to cashflow. It doesn't tell us what the current level of receivables is (ie where the company has sold stock and is owed the cash) or what amount of inventory the company currently holds (ie stock that they can sell to generate cash). The company's press release specifically mentions spending $435k on increasing inventory and shipping it to relevant markets, so the level of inventory could be expected to be quite high at the moment.

If these receivables and inventory can be converted to cash (by getting invoices paid and selling more applications which they have in the pipeline), then wouldn't that reduce the likelihood of the need for a capital raising?

Also, if the company is moving now towards manufacture, rather than still trying to prove the concept, I'd have thought any cash shortfall would be better financed by bank debt rather than capital raising?