Ann: Market Update - Progress Report, page-185

Remember this from the 4C? They sound like they know where they will get finance from, they even sound smug about it! There is every reason to believe that they expect the completed demo system to not only work but to be very convincing.

8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

Answer: Yes

8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer: The Company plans to raise further capital on completion of the testing phase and demonstration to major industry participants as it gears up for production. The Directors believe there will be no issues in raising additional capital.

8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
Answer: Yes. The Company has received ma[n]y offers from major players in the semi conductor field wishing to participate in any capital raising.

That sounds to me like they are confident they could walk into their bank and ask for whatever cash they need to get going with production during 2021 Q3/4. After that they expect to need a stick to beat prospective offers off.

From the last announcement answer to ASX:

"... The announcement explicitly states the updated timeline for a viable demonstration to be within 14-21 days of the date of the announcement. This estimated timeline accounts for receipt of packaged chips, testing, installation and finetuning of the current out-of-cleanroom demonstration system. ..."

From the AGM Presentation:

2021-Q1-2 –
Improved Acoustic Performance - 5dB SPL boost.
Packaged chip plays out of the clean room.
Multiple chips – 4 chips play together. 80 chips later this year.

2021-Q3-4 –
Improved Acoustic Performance
Optimization through simulation – currently SPL >70dB @ 1m (additional 10-15dB SPL)
Product Fabrication later this year

From the AGM Presentation end comments:
The technology works and keeps getting better!!!
On-pace to begin Chip Production in Q4-21

From the delay announcement:
"... We are pleased to inform that our combined efforts have produced dramatic improvements to the quality and yield of the package[d] chips, especially when compared to the two prior packaged chip deliveries. This recent achievement triggered management’s confidence to authorise packaging our more advanced MEMS chips.

As detailed at the AGM, the company intends to upgrade its current out-of-cleanroom demonstration systems with the improved generation of packaged chips, immediately upon receipt and test of the more advanced generation of packaged chips.

Packaging of the more advanced generation of chips is anticipated to be completed within the next 14 -21 days however it should be noted that a recent outbreak of the COVID-19 Indian variant in Israel, may introduce some limited delays to our execution timelines. ..."

That set of comments clarifies what has been said. The question is whether we can, or can choose to, believe that they know what they are saying to us. I believe we can.