Ann: Quarterly Activities & Cashflow Report, page-8

I would think if that options money hit the accounts then a cap raise would be probably unlikely to be needed. Add in the money from JHC, e-Lovu etc all falling into the same quarter and there would be 3-3.5 quarters of cash including what's at hand.

If the 1000 licenses used by e-Lovu generates the sort of demand that JHC has shown then there is absolutely going to be a cap raise. The US hospital group trialling the use of HeraCARE via e-Lovu does more births a year than Ramsay does globally. That's 1 hospital group, they aren't the biggest in the USA either....

Just my thoughts..
-options get exercised PLUS late revenue from JHC PLUS new revenue from e-Lovu's first tranche should cover most expenses
-e-Lovu pulls through on its potential, cap raise of $7m+ USD
-RHC commits across Australia, cap raise of $2.5m USD

The reality is that HMD is almost certainly going to need to raise capital HOWEVER there is 1 significant contract that is genuinely at the pointy end of things. That contract is of sufficient magnitude as to be more than likely cash flow positive within a year. The device costs about $175USD or so based on annual reports etc so SaaS fees at $35/month (allowing for discounts which may or may not be on the table?) we are looking at 5 months us to pay it off leaving 7 months to generate cash flow. Even work on the other way, 7 months to pay it off leaving 5 months cashflow in the FIRST year, followed by 12 months cashflow in year 2.... that's if HMD absorbs the production cost which I don't think is part of the deals in question. If the other party is paying upfront HMD still needs to produce the inventory, so a raise would happen then be paid off leaving 12 months of SaaS cashflow.

In my mind the likelihood of a working capital raise is very real, anyone who can read the 4C can see that. The likelihood of a significant inventory raise is very real. The first raise is just part of microcaps with expenses greater than revenue, the second raise NEEDS to happen other wise we have all wasted our time. An inventory raise demonstrates that we have material contract. A material contract is the basis for a going concern that no longer needs working capital generated from external funding sources.

e-Lōvu has just been signed so it will have a lead-time of a couple of months before it actually kicks into gear. They will need to have the devices before they kick off with the mystery Hospital Group of Great Significance (HGGS isn't the real abbreviation...) If scale happens it will be rapid and the current cashflows simply do not allow for the production to match potential demand.

I think, as I write all this..., that a small raise to cover e-Lovu initial production run and any short term short fall in revenue is most probably more than likely, even with those options exercised. Without those options excised it is almost guaranteed. So maybe $1-2m? maybe $2.5m tops? When the big contracts hit then I would imagine that we will see some proper investors join the registry with significant holdings done from strategic placements, maybe debt funding... If that happens then we are away....within the next 6 months we should have a good idea of the next 3 years business outcomes. I genuinely believe that last part.