Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-4

Agreed re quarterly spend. This is why I struggle to understand the apparent lack of urgency in getting the Hadrian X to the US. Will be at least 3 months between SAT and getting on a vessel. Then add a few months shipping time. There goes $8M. Whilst it's really important to ensure the SAT is passed, does make me nervous they are holding back the shipment.

At this speed, getting through the SAT and build demo's could be taking us to late Q4 before there is any chance of JV sign off. That's lots of cash out the door.

Guess the only advantage of this is maybe the new Hadrian X's might be build, commissioned and ready for shipment.

Still believe this will succeed, however will burn lots of cash and require significant further capital raises