I take a different view here - forward borrowing against the R&D tax offset is a prudent capital management strategy.
15% is not punitive in the slightest, in fact it's very reasonable (especially compared to small businesses borrowing from the likes of Prospa, Moula et al at 35%pa +).
Almost another million banked, with a further injection to come through early Feb for the December quarter I would think.
The CEO is clearly focused on using these additional funds to stretch runway and achieve significant price drivers in order to raise equity capital at a much higher level. Given equity is far more costly to existing shareholders than secured debt, I'm all for this.
An exciting time for the company in the new year!
1AD Price at posting:
10.0¢ Sentiment: Buy Disclosure: Held
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