Let's reply with facts. I'm not even sure how well versed you are with the company, but you are making a number of erroneous assumptions that show a lack of depth in financial education.
1. Cash burn last Quarter was $1.2M. This is correct. Current Cash balance is $4.7M, however, this does not include the $6M just raised. So our total cash balance is $10.7M. Going by the current burn rate, this will last us over 2 years, before another raise. Now if we can assume the UNSW deal will bring significant profit, which I believe it will, then we may never have to conduct a CR again, unless for an Acquisition or Expansion, which is good.
2. Going uncertainty is dependent on whether the business is capable of raising capital. Now, in the recent quarterly release, since they announced the CR at the same time, then the auditor report did not factor that into consideration. The fact that the CR was massively oversubscribed by institutional investors indicates that the company satisfies this requirement, so your point is a bit moot in that regard.
3. Your gut feeling that online learning is boring is a completely irrelevant point. It doesn't matter if online learning is boring when it is a mandatory component towards enrolling into UNSW. As someone who achieved 99.5+ ATAR, and entered G08, I can tell you that oftentimes physical attendance is a detriment to learning. Being able to speed through lectures and proceed through coursework at a faster pace is far more conducive to an effective learning environment than being physically present.
4. OLL sells education, if that isn't clear by now. The partnership with UNSW sells a mandatory education course for international students. International students that want to be accepted and can't go through the traditional pathway will have to pay significant amounts to have the opportunity to have a Top 50 University on their resume. I can guarantee you, for international students, this is something they would sell their organs for.
5. Looking at the UNSW website, that is correct, 65 ATAR will allow you to enter into some of the extremely low demand courses like History. Anything else even remotely competitive will require 95+ ATAR. I'm not sure if you are familiar with international student entry into these courses, but entry will be dependent directly on the course you are entering. I don't understand your statement "The quality is as good as the weakest link." ATAR is a simple case of supply vs demand, and it's the courses that define a university. For example, UNSW Law School is ranked 12th in the world. If you say you graduated from UNSW Law as an international student, you will gain interviews to all the global law firms like Clayton Utz, this is something people from non-G8 kill for a chance at.
