So, cash flow continues to be incredibly tight leading into pulse clearance and US listing. We will have an EGM in the next month or so, which will spell out what to expect from US IPO.
Cash receipts got a nice increase ( well done on negotiating a pre-payment on the clinical trial ! ), and we were given an indication to expect the same again in the March quarter.
The Company has also anticipated that it will receive funds from its operations and existing business over the coming quarter commensurate with its current sales pipeline (noting that this quarter saw a strong increase in cash receipts from customers) which should assist inthe reduction of the net operating cash position for the coming quarter as reported at Item
At the same time wages are blowing out, as expected from the level & quality of recruits over the last 6 months. Our quarterly wage bill is nearing $2.5M.
So we burned through another $2M in the last quarter, and we only have $2.4M in the bank. This is not going to be enough to see us through to the US capital raise, which is likely to happen in May/June from current indications.
So where does the cash come from ( ignoring additional $2M from clinical trial, as that is covered in the Q3 = Q2 scenario ).
Quarterly tells us they will be raising capital this quarter. Yes. The Company anticipates that it will raise additional capital during the March 2023quarter as necessary.
Looks like $2M will be required in this quarter. Most likely another ASX CR, a foundation investor would be nice, but I'm trying to get my head around this commentary in the 4C ... maybe it is a good old loan at high interest !!
The R&D loan facility has been renegotiated in the last few weeks, and is about to be announced.
Still probably odds on for a final quick little ASX CR, which will be disappointing at these heavily discounted share prices.
