Ann: LWP Terminates VVV Technologies and Graphenera Project-LWP.AX, page-186

The Pune plant was to cost LWP $3M from memory, with $2.5m available and at least 9 months to get it online.

The company have historically burnt around 1.5m/quarter therefore with at least 9 months needed to get Pune online cash burn would be around $4.5m

3M + 4.5M = 7.5M which would imply a deficit of around $5 million....

So assuming that the SP holds 0.2c Lanstead will provide around $1.8M over the next 9 months leaving LWP in the hole for around $3.2M

If they could raise capital which I personally see as very very unlikely then they would need to issue another $3.2M worth of stock. If this was done at 0.2c minus the standard LWP CR discount of 20% then we would be looking at the issue of another 2 billion shares, now thats just to stay alive...

With the current balance sheet it seems that any binding agreement committing to a $3M spend would put them in a position of insolvency?

From the latest annual report:
The ability of the Group to continue as a going concern is principally dependent upon the following conditions:
the ability of the Group to meet its cashflow forecasts;
the ability of the Group to continue to drawdown on its funding agreement with Lanstead and/or raise capital, as and when necessary; and
the ability of the Group to sell its intellectual property.
These conditions give rise to material uncertainty which may cast significant doubt over the Group’s ability to continue as a going concern

IMO it's just a matter of time before the doors close here.