bells01 on 30/10/15 > "I still think the March qtr will be the...

bells01 on 30/10/15 > "I still think the March qtr will be the important one..."

Well, time passes and the quarterly result @bells01 was waiting for has now arrived. But he disappeared 3 months ago. Perhaps he sold up?

Anyway, receipts are down to $58,000, the lowest since the end of 2014, but that is not the story. The story is the cost cutting! Business development and marketing costs are down nearly 45%, research and development are down about 20%. Total burn rate is nearly $800,000 lower than last quarter. Do you get the impression that maybe the new board members have hammered home a message here?

Staff costs are up: $320K vs $246K last quarter, which even when you take into account the extra cash the executives are handing themselves ($26K) still represents a hike of about $50K for the quarter. Perhaps they have realised you cannot run a company without skilled staff and maybe they have recruited one or two?

Burn rate is down to about AU$500,000 per month, of which the US$75,000 per month equity sell off represents about AU$100,000 at current exchange rate. They are clearly going to need to keep taking a lot of the extra US$300,000 Lind are offering them each month just to keep afloat. Cash in hand of $214,000 will last them 2 weeks, so if Lind decide against providing that funding IWG are gone. Unless sales do ramp up incredibly quickly they need another capital raising, and soon.

I wonder if @bells01 will pop up to tell us how pleased he is with these figures?