Ann: Appendix 4C - Quarter ended 30 June 2017, page-115

I'm not sure where you're getting your $1.7m from, Paul. The preliminary annual report at the end of August only reflects SMA's financial position to end of June 2017.

There was $2.56m remaining in the Lanstead facility at the end of FY17, less the recent $488k impairment puts it at $2.072m to be drawn down for the next 4 quarters, including the one we're in - so SMA is drawing down $518k/quarter now (previously $567k/qtr). The exact figure will adjust with the rise and fall of the SP.

Cash burn of $532k last quarter vs. facility draw down of $518k/qtr. With CAGR of 40+%, $1.2m in the bank and $2.2m of receivables outstanding (which may or may not be received) - there is no basis for your claim that SMA will be broke by Christmas.

I have no ego in this - as no long term holder of SMA should. I'm happy to be proven wrong, and welcome all points of view, but fearmongering for the sake of fearmongering needs be called out for what it is.