The original announcement stating that key terms had been met...

The original announcement stating that key terms had been met was optimistically worded and maybe a bit premature, but the due diligence part was clearly spelled out.
Management would have been overly confident about the state of the business and obviously were excited that they had (mostly) got this over the line, or so Westpac had led them to believe

They have achieved two cash flow positive months for May/June, inventory discussion aside that is a good sign




Their last 'Significant purchaseof raw materials' in SEPT 2018 QTR wouldn't have exceeded $1M aud by much? (assuming other operating costs for that qtr were circa 400k) which they can comfortably afford with current cash level of over 2m