Ann: Quarterly Activities Report and Appendix 4C, page-11

Disappointed in both numbers and lack of an operational update.

Looking at the last 6 months, $5.5m cash burnt including the capitalised costs. Remove half of the R&D credit given we are only looking at half a year and the cash burnt becomes $6.4m. That's almost exactly what they have in the bank.

Unless there's a major upswing in sales very soon (which I'm not confident on given the small cash outflows on the prepaid manufacturing cost side) they will be raising cash again before June?

Also i think the stock on hand comment is very misleading - providing a value of the stock if they were to sell at the current ASP. This isn't how you value inventory.

Really hoping for a thorough update tomorrow. If they stick to what's in this deck and skirt around some of the major issues, I think I'm out...