IMO:Now that I've had some time to digest this I can say there's...

IMO:

Now that I've had some time to digest this I can say there's GOOD (not really!) news and there's BAD news!

At at: End of June 2022

BAD NEWS:
1) 15M in liabilities of which $3.6M is owed in high interest loans before the end of the year, some this month. And what about the other debt that needs to be paid?

- Who are the biggest creditor/s out of the remaining $11.4M?
- This would be concerning if the amount owed to one creditor is greater than net assets of $10.2M.
- The unused Gekko is worth more than 60% of net assets and this isn't even fully assembled and operational.

2) More than 60% of assets are in the Gekko which CLZ stated they wouldn't use if GV funding occurs.
- Unlikely to go ahead if GV do proper due diligence with risk management.

3) Cash at the Bank end of year was $421k, but had $2M in Convertible Notes not been advanced, CLZ would have negative $1.6M and zero cash.

- It is also very questionable practice having the Convertible Notes advanced before the General Meeting where they were ratified. The legality of this practice is questionable because what would have happened had the CN's not been approved.
- It would have still remained as debt and maybe converted to a loan at ridiculous interest rates.
- This is a result of desperation!

4) The General Meeting planned for 31 October 2022:
https://hotcopper.com.au/threads/ann-notice-of-general-meeting-proxy-form.6991873/

As this is a debt conversion the liability the $1.45M wasn't in the balance sheet as debtors agreed to accept shares for payment otherwise the $1.45M would have been added to the total liabilities making it $16.45M in total liabilities.

BAD NEWS SUMMARY:
- Who is the biggest creditor? (possible new owner if CLZ goes into administration?)
- The cash position at bank if the CN's weren't advanced would have made CLZ insolvent.
- Options for CN's again may be unlikely, as since there's been no update to substantial holders (5% or above).
- It looks like most of the CN's were sold to investors/speculators/etc... who tried to make a profit on them when the funding with GV was announced (nice coincidental timing!) If many of these got burnt then this option likely wont happen anytime soon.
- Given that most of the shares were agreed per-consolidation (re: Share Issue GM planned 31 October 2022) and the valued of these have eroded massively, issuing more share to pay debt is going to be an ordeal, further limiting options to convert and raise capital.

GOOD NEWS & SUMMARY:
A few more throws of the dice before the end of the year but if no significant funding soon (next few months) CLZ may become insolvent before the end of the year.