What an appallingly misleading report.
The company claims $815k of cash inflows, but $360k falls under the "other" which I assume relates to the "receivable financing". Reality, only $447k of cash from customers was received.
The receivable financing is not recorded as a liability anywhere, even though this $360k received has an expense on the other end of around $400k.
To summarise, SCT generated just $447k of cash receipts from customers yet borrowed close to an additional $1m. After corporate costs, the true cash burn was around $890k. They only have $237k of cash, and it's questionable as to whether they can actually draw down on the debt facilities (loan covenants may prevent it).
A key takeout is this business is operating on practically zero gross margins.
Difficult to see this surviving the quarter.
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- Ann: Quarterly Activities/Appendix 4C Cash Flow Report
What an appallingly misleading report.The company claims $815k...
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