Something in Kiril's 'explanation' doesn't make sense:
- At the end of FY22 they had $6.2M in receivables (money owed to them by their customers). But they also owed $6.9M in trade payables (money they owe to their suppliers). They had debt of $1.2M and cash of $14.8M.
- At the end of FY23 they had $13.6M in receivables. They also owe $10.9M in trade payables (to their suppliers). They had debt of $8.1M and $11.3M in cash. It has since got worse. Per the last quarterly, as at 30 September they had debt of $10.32M and cash of $8M. They are burning $4M cash per quarter so things are going to get very tight very soon. I smell another capital raise - they need it, just to be able to pay their debt back.
@TenX wants you to think the business is "turning around" and the market is somehow asleep on it, but in fact the financial situation is much worse than 12 months ago. Have they really taken out all this additional debt (some at interest rates of 10-13%), because their customers aren't paying them on time? Even if that's true, frankly that is poor financial management. It seems like there's definitely some cashflow issues here, which might explain why their trade payables (money owed to other parties) has increased from $6.9M to $10.9M.
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- Ann: Quarterly Activities/Appendix 4C Cash Flow Report
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-33
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