Ann: Positive Expandable Graphite Results, page-78

It's all irrelevant IMO looking over that balance sheet.

Trade payables at 30th June of $667k. Just as I had thought that cash balance of $100k at the end of was IMO completely misleading. They just shuffled all of the bills over post the end of the quarter.

$1 million in secured funding with a budgeted spend of $800k for this quarter. None of that takes into consideration the $667k in trade payables. You can subtract $100k for the cash and $150k for receivables so theres a net deficit there of over $400k you can add to the $800k to make it $1.2million.

Bottom line is the company is basically out of money now.

Not to mention the amount of people getting paid $200k plus. I won't include share payments just cash:
S Hunt $284,300 plus $21k in Super
Trevor Matthews $90k plus $10k super.Oonly started in January so he's on track for $200k.
Matt Bull $193,483 plus Super.
Mark Hoffmann $265,000 as a consultant. Who is he?
Nice little one liner I picked up as well saying that Mr Kabunga was paid $60k in consulting fees before going the board as a NED.
I won't bother with Messers Livingstone and Vorster as they're not part of the "$200k club".

The company is in a dire financial position and IMO there is no other way you can look at it.

How People think it's possible to negotiate financing from a position of weakness like this is beyond me.