It does look positive and I think the following point is vital:
The cash operating loss in Q4 was $2.8 million. BUT, cash of $1.8 million was received on 2 July 2019 (see bottom of page 3 and top of page 4). This was derived from a loan sale and is purely due to a timing issue.
Therefore, from a business operating perspective, in reality the cash loss for the period was essentially only $1.0 million.
This looks very good to me and suggests that based upon the existing business performance, a future capital raising may be much further off than people assume.
It also supports the contention of management that it has been successful in establishing its platform and that it is focusing on the medium to long term fundamentals of the business rather than seeking to optimise gains in the short term.
This is coherent and positive.
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