Looks like things are getting very tight now. Net cash of $1.617M at end of March. Costs were $3.948M, but in that was a repayment of convertible notes with clear funds. If we take that off, it still means they burned through $3M in the quarter - that's their largest burn rate to date. Some of that can probably be attributed to Keast and paying for his KPI's, but that is still a big increase.
If they have $1,617M at end of March and allowing for same burn rate, that means a little past middle of this month they would be out of funds. No wonder they brough up the issuance date for the Rights issue
Where does that leave them now? That 360K from what they have raised would get them to somewhere in early June. That means they need more money. Just a side note here. Did anyone buy shares based on the below? If yuo did, I would maybe suggest speaking to someone in the legal profession. They announced an "Immediate sale" on 1st April 2025. Not sure what others think of the word "Immediate".
Anyway, we know IDSB sale is now not immediate. The sale was going to be to someone connected in Malaysia. Now they may potetnially be seeking another buyer. As brought up by @AndrKoh in the another thread "IDSB is a licensed Malaysian entity, so any change of ownership—even a minority stake—must first clear the local regulator". If the current sale has fallen through, how long do you think it would take for another buyer? And how interested would someone be in buying only a 21% stake at best? The current "buyer" process has taken over 6 months, so a new buyer, even if they were found tomorrow, would still have legal hoops to go through and be assessed. I am no expert, but my guess would be 3 months at the absolute minimum based on how long current negotiations have taken. And the statement of $15M minimum is what they will be seeking? Good luck with that.
3 months would mean another $2M to $2.5M to keep the lights on. And that's to keep the lights on - they still need to find $18M to start their BNPL in the USA based on their previous announcements. The $7M AUD from the court case in Malaysia is also in question. Court case is in June. No idea how long that would take and even if successful, how much of that money is actually recoverable.
I have no idea who participated in the rights issue, but they are certainly gutsy. That also goes to whoever buys up the rest of the rights issue. Unless, of course it is the usual suspects mentioned earlier by other people.
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