I tend to agree with you. Based on this 4C, I struggle to see...

I tend to agree with you. Based on this 4C, I struggle to see how MF hits Milestone 1 by FY end [audited accounts thereof]. We may be surprised by some larger revenue on an accrual basis which would not be accounted for in a Cash Flow Statement.

Further, MF agreed, as part of the BoD, to an increase in Director's Fees which would add to the cost structure suggesting confidence in M1 sooner than later.

And if we look at the Estimated Cash out Flows for next Quarter of $750k, about a 27% uplift from this Quarter, then it aligns with what PC was saying about the next Quarter being bigger.

In summary, I expected higher Cash Receipts, but sticking solid based on cash burn rate and quality of management team.