So a capital raise is almost certain in my view, they either do...

So a capital raise is almost certain in my view, they either do it now at +/- a dollar or they wait a few months and take on market risk and possibly do it as low as 50 or 60 cents. My money is on it coming sooner as I don't think it makes sense to take on 4 to 6 months of market risk.... they will pump out the announcements and hit the raise button. With no acquisition it will be @ 15 million - 20 million with an acquisition you can add that amount on top.

For me the new evidence that confirms this is as follows :.

1) After the results Bell Potter took down their FY22 and FY23 numbers but bumped up their FY24 number (jam tomorrow) and thus bumped the target price. Typical analyst fuzzy logic.

2) Below is a transcript of one of the questions asked during the earnings call. If you did not listen to it you should. It was a hospital pass from Ralph to Craig if ever there was one. It took Craig so long to gather his thoughts and start his answer that I thought his line had been cut. Anyway ... he played it as best he could and was pretty honest. I am sure if they were comfortable about having enough cash to get to cash flow neutrality he would have said so.

A - Unidentified Speaker - Okay. And will you raise money soon?

A - Ralph Highnam - Do you want to take that one, Craig?

A - Craig Hadfield - As I mentioned earlier, we've got $25 million at the end of September. If you look at the last sort of six 4Cs you will have seen a slow but steady decrease in our cash burn other than the last quarter, but that wasn't materially higher than the others. At the moment, yes, we're focused on growth. We're also focused on managing our costs and we are focused on continuing to reduce that cash burn rate. So for at least the foreseeable future there is no need for us to raise capital, but obviously the board and management continue to keep a close eye on it if needs so, we will, but at the moment, that's not on the agenda.