Without NDC sale cash burn was about $3M.
I have reworked cashflow projections using lower quarterly revenues & identified May 2023 as CR time. Sorry it's messy somebody might want to put it in a table.
Q4 was up 32.8% on Q3 last year so allow+20% QOQ worst case this year x $4.6M = $5.5M similar to Q2 FY22 & asmentioned by DT Q4 FY22 should be similar to Q2 FY22.
$5.5M x 60.4% margin (should be higher as GMVwill rise) = $3.322M GP so an additional $365k GP. Expenses will more or lessremain fixed so $2.99M cash burn Q3 FY22 - $365k - $375k cost savings perquarter = $2.25M cash burn Q4 FY22 thus $4.95M cash = 2.2 quarters. Will befull $750k cost saving by next quarter.
$7.2M cash balance - $2.25M cash burn Q4 FY22 =$4.95M balance end Q4 FY22 & enough funds for another 2.2 quarters.
Allow +15% QOQ revenue growth for Q1 FY23 = $6.3Mrevenue x 61% margin = $3.843M GP so an additional $521k GP. Again expenseswill remain fixed so $2.25M cash burn Q4 FY22 - $521k - $375k cost saving = $1.35Mcash burn Q1 FY23. (Have made no allowance for 4-5% price increase).
$4.95M cash balance - $1.35M cash burnQ1 FY23 = $3.6M balance end Q1 FY23 & enough funds for another 2.6quarters.
Then we have the big one Q2 FY23 so allow +20%QOQ revenue growth = $7.56M revenue x 61% margin = $4.611M GP so an additional$768k GP. Again expenses will remain fixed so $1.35M cash burn - $768k = $582kcash burn Q2 FY23.
$3.6M cash balance - $0.6M cash burn Q2FY23 = $3M balance end of Q2 FY23 & enough funds for another 5 quarters.
Then Q3 FY23 sales will be seasonally down sayto Q1 FY23 levels at $6.3M revenue so $1.35M cash burn for Q3 FY23.
$3M cash balance - $1.35M cash burn Q3FY23 = $1.65M balance end of Q3 FY23 & enough funds for 1.2 quarters sowill require CR sometime in May 2023.
Next 12 months cash burn will be about $5.55Mplus any one off expenses. They appear to have at least 2 quarters worth offunds in all 4C's during next 12 months so no need for CR.
Q4 FY23 revenue expected to be similarto Q2 FY23 at $7.56M so $0.6M cash burn for Q4 FY23. Without CR will have $1.05M cash end Q4 FY23 & enough funds for another 1.75 quarters.
CR will be required in May2023.
Q1 FY24 up 15% on Q4 FY23 = $8.7Mrevenue x 61% margin = $5.307M GP so an additional $696k GP so will be about$100k cashflow positive.
Q2 FY24 up 20% on Q1 FY24 = $10.4Mrevenue x 61% margin = $6.344M GP so an additional $1.037M GP so will be about$1.1M cashflow positive.
(20min delay)