The truth is we do not know where we are right now. This is what we do know-
We have drawn at least FJD1.3m from the convertible note instrument with BSP-Life (Fiji) with a term of 5 years and a 5% interest rate.
We have a FJD2.64m loan to service with the Fiji development bank for purchase of the Navua facility.
We have another FJD1.8m for purchase and expansion of the Navua facility, which the proceeds of the last CR went towards.
We have entered into a period of market volatility, with new US tariffs impacting profitability.
We had the ability to raise an additional $1.8m from the piggyback options, but due to the subdued price, we probably did not receive half that amount.
We have the US product launch happening in the US this month.
I guess all said and done it was not too hard to predict the next announcement being a CR. Any prudent board would deem it appropriate.
But I agree, we need some runs on the board, or we start going back into trouble territory.
We need last quarter's results to be positive and showing green shoots instead of going backwards. We need new retail partnerships here in Australia, and we need the US launch to be an immediate success.
I give no credit to @thecore for stating the obvious. Even a broken clock is right twice a day.
CCO Price at posting:
0.6¢ Sentiment: Buy Disclosure: Held
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