As with anything it depends on what their formula is for determining it as Moderate.
It does appear to have plenty of Cash and little more than Supplier/Trade Creditors Debt of $395,000 as you say but there is no positive cashflow so I guess Commsec take that into account.
So its Cash Burn for the time being appears sustainable but once those bills for the processing plant land on MT's desk that Cash on Hand figure is going to diminish very quickly and there wont be much left for too long a Cash Burn.
So until we see some good positive cash flow Moderate is as good as you'll get I'm afraid
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