Cost Savings (compared with June 22)R & D and Manufacturing...

Cost Savings (compared with June 22)
R & D and Manufacturing $1.1mil
Wages & Corp Costs $1.7mil

Manufacturing The company has not manufactured any product for 12 months. In the last 6 months they seem to have only sold around 1/3 of the stock on hand as at end of December 2022 ... ONE THIRD!!!

Corporate Costs These are mostly legal and consulting fees associated with ongoing investigations by ASIC and AFP.

Cash Flow Positive Let's look at this ......
If the company manages to double the sales (the remainder of existing product on hand) and receives all funds over the next 6 months, it will bring in around $3mil.
If the company manages to keep quarterly costs the same, it will spend at least $3.5mil.

There is nothing in this update that suggests they are capable of doubling their sales and income in the next 6 months.
The company has warned that the end result of the ongoing investigations risk costing the company a lot of money - in legal fees, fines, penalties etc.

I cannot see any sign of the company becoming cashflow positive based on this report.

What I see is that at the end of the year the company will have around $7 - $8mil in the bank (much less if investigations are finalised this year), minimal stock (most of which will be so old it will be written off), and Zero assets.

They are telling you in this report that time is running out for them.

The shorters must be laughing - they know how PET investors behave.