"I find it hard to believe they need over $100m in cash now" - I...

"I find it hard to believe they need over $100m in cash now" - I think the saga of capital raising over the last 12 months has exposed a serious deficiency in management's understanding of financial management and capital structures.

The problem with capital is that it's "sticky". Once you've raised it, it sits there forever on the balance sheet under "Capital". This is why capital is generally reserved to fund CapEx, resulting in fixed assets that form a permanent counterbalance to the capital. Using vast quantities of capital for current assets like inventory or other OpEx in a post-revenue business leaves the balance sheet seriously unbalanced, and permanently distorts future returns on investment.

You don't need to raise capital to fund short-term inventory for sale, especially on such a short timeline as outlined in the Capital Raising presentation. There are many alternative ways to fund OpEx that would allow the company to leverage its existing capital and drive sales without wreaking the kind of havoc they are now.

It seems to me that Dr Vornig is not the right person to continue as CEO, and the board is seriously deficient in the depth and experience to run a global business. A sensible strategy would be to begin a search for a CEO with the credentials to take Droneshield forward. Once found, Dr Vornig should continue as CTO where he could focus on research and development, and consult on sales, without the distraction and demands of operating beyond his capabilities on the financial and operational front. The company could use some better credentials on the board too. Jethro Marks could consider stepping aside in favour of a more experienced and capable director instead of standing for reelection.