This is cash held in Argentina on behalf of a State Owned Enterprise customer in Venezuela (PDVSA). It is not cash Fluence can access until they deliver sales and can have funds released to them. So while the cash is set aside in a separate country to Venezuela (because VZ is a political shitstorm of instability right now), it's not in an FLC bank account as yet. Think of it as a pre-payment in to a third party bank account for safekeeping in the period before FLC actually deliver their projects.
Their comment in the 4C that on a like for like basis the actual available cash holding is $33m is quite annoying. It basically says you can't rely on the figure at the bottom of the cashflow statement as being a reliable indicator of the actual available cash balance. This will catch out plenty of people who skim read the 4C to work out the cash balance I would imagine.
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