Aahh yes the old "Smoke & Mirrors" 4C for Bluglass...

Aahh yes the old "Smoke & Mirrors" 4C for Bluglass returns.....

Masking the dire period of 'running on empty' waiting for the R&D Rebate to land, which subsequently occurred on the 5th December 2023.

Revenue and Cash (receipts from customers) - two different things - thank god the requirements of the 4C are clear and concise - "1.1 Receipts from Customers".

So BLG received $295k for the Dec Quarter and $373k for the Sept Quarter.

I also have a concern over the Radium Capital loans.

BLG disclosed two Radium loans, as follows -
1. "On the 17 February 2023 BluGlass secured (advance) funding of $1.4 million against the R&D tax claim for the financial year ending30 June 2023."
2. "The company (also) secured $1.46 million R&D Financing from Radium Capital on 5 October 2023."

So they borrowed $2.86mil in total from Radium Capital over calendar 2023. These 'loans' would have been subject to interest.

However, this recent quarterly states -
"The company has repaid Radium Capital $2.56 million in R&D financing."

Is there more still owed to Radium? Why have they not been paid out?

Simply can't understand why the share price has fallen away since the R&D rebate was finally received......

Against all this, BLG has never looked more promising, with well connected opportunities to grow the business.

Lets hope that new CFO takes control of the finances and gets the company back on track, with some financial discipline which appears to have been, well lets just say "below par" in 2023.

GLTAH.