I take a different view here - forward borrowing against the R&D...

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!