Got to be careful just looking at the cash flow, can be distorted at 30 June with government clients paying early. You must look at working capital movements, which YoY has been $3m negative. This represents the deferred vendor payment owing. So the company has generated no real cash in 12 months.
This is very concerning. The $3m will have to paid this year, and likely via capital raising, but at what price?
Ann: App 4E and Annual Report, page-9
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