Even if the cash burn of $200k for the quarter eventuates, they'll have $89k at 30 June.
That $500k CNF would be pretty unattractive now compared to the then share price and interest rates available when it was first offered. On the same terms, I can't see it being taken up with any enthusiasm. - https://hotcopper.com.au/threads/ann-2-3m-raised-via-convertible-note.6837181/
The last entitlement offer was shooting for $2.2m and raised $63,186.
How can the ASX be satisfied under 12.2?
An entity's financial condition (including operating results) must, in ASX's opinion, be adequate to warrant the continued +quotation of its +securities and its continued listing.
This will need (another) rabbit.
Apple just launched the ability to take payments through an iPhone in Australia. Taking payments was meant to be a major part of the business to then feed into the loan side. This doesn't help.
https://www.gizmodo.com.au/2023/05/tap-to-pay-on-iphone-australia-apple/
Even if the cash burn of $200k for the quarter eventuates,...
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