You are correct. - Adjusted losses were $2.3m for last year,...

You are correct. - Adjusted losses were $2.3m for last year, however the previous year would also be adjusted to a $2.4m loss.


However if its another $2m plus loss for this current year 2022/23 this would put the company into negative shareholder funds territory.


Don't get me wrong either - this announcement was what was required - they had no other choice - it is good as it resolves 2 things Debt and current cash - however it also extends debt levels which must be paid back and I don't think any profits generated by 2025 will be sufficient to do this, One way or another there will very likely be more shares on issue by 2025 - which dilutes existing shareholders and I see this as negative - but again they had no choice.
Another positive is the additional $1.5m cash saves shareholders from having to cough up anything now.