Ann: Appendix 4C - quarterly, page-2

From the quarterly (viewable on Bell Direct).

"CASH FLOWS
The closing cash balance at 31 December 2018was $12M, which has increased by $5.7m compared to 30 September2018 and includes the following:-Operating cash outflow of $5.8m, including an ongoing investment in Research &Development of $1.0m. -
Net cash inflow from financing activities of $11.7m, driven by the additional shares taken up by the market under the rights issue (net of transaction costs) partly offset by the repayment of the $5.0M unsecured loan with Star Bright.
The operating cash outflows for the quarter were $0.5m lower than the estimate provided at October2018, mainly due to timing of working capital payments partly offset by additional operational consultancy costs incurred.

The estimated quarter one 2019 operating cash outflow is $15.5m –refer section 9 below for details."

I struggle to see this as good news.
?
P