Yes, I think you have a point there. Nonetheless, the company...

Yes, I think you have a point there.

Nonetheless, the company will run out of cash by 1st March 2024, unless they can strike a deal with new cash (equity) of more than $5M plus the $4.6M plus interest charges.

Note; they have the ability to issue another 300M shares (refer to below), probably at 1 cents each. Which will only raise $3M before costs - certainly not enough to repay the $4.6M plus interest of 5% per month.

"Presently, the Company has capacity to issue 180 million shares under ASX listing rule 7.1 and 120 million shares under ASX listing rule 7.1A." Page 10 of the Quarterly.

So they will need to raise something bigger and get shareholders' approval.

If shareholders approved, they would be diluted to oblivion - going to be at least 1 Billion new shares at 1 cent each. If not, the company goes into administration/liquidation.

Not many good options left.