Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

I don’t see how MCA can survive:

Still burning $6m a quarter on operations.

’Investing’ another $3m a quarter on infrastructure.

Only 1 year of funding left after taking out emergency loan of $20m less than a year ago. And that funding looks expensive. Interest for the quarter was $700+ so looks like 14%. Plus establishment costs of another $700k. And repayment is due in a little over 12months.

i invested just after the float and sold out in high teens. Have continued to follow with view to reinvest (I believe in the big picture) but really struggling to see this getting to profitability before cash burn kills them.