Sales exceeded my expectations and hit a massive $75k for the quarter - nearly as much as a busker in the mall. Take off the Cost of Goods Sold at around 50% and they have around $40k contribution to the operating costs. Not even close to covering salaries.
The amount of money owed to Directors must be growing as they didn't make any payments to related parties in 6.1, even though they reported $65k in the commentary. Error #1.
Error# 2 - In item 5 they didn't put the total cash from the previous quarter, which was $229k.
For the Quarter - Operating cash loss - $165k offset by financing revenue of $93k = bank going down by $72k.
Capital raising ability has dried up, sales revenue barely exists and they have a downward spiral on R&D as they have been so reliant on it for years. They have $354k available but can only draw against actual spend whilst accruing 14% interest on the facility.
SKN Price at posting:
0.4¢ Sentiment: Sell Disclosure: Not Held
