The A$5M raise last year was to fund the pipeline of announced reseller agreements etc that simply couldn't wait for a rights issue (so they said).
China = Zip
Vietnam = Zip outcome but cost us a loan of A$100,000
Mexico = Zip
Turkey = Zip so far
If they didn't raise the funds the rollout of the product would be slower that was all.
So why the hurry to raise funds right now, why not have a rights issue ?
Oh I can tell you the real reason why, but will save it for another day...……………….
The funding crisis, throws the new QAU metric into the bucket before its even got off the ground, 2M in June, nearly 6 million on 15th November (probably close to 7.5M by end of December). So clearly a tripling/quadrupling of the metric isn't making much of a difference to the monthly cashburn.
So how much does it need to rise by to get us near break-even ? to 20M ? or how about 40M ? is either of those achievable given our current install base size ?
Directors & co must be looking forward to there all expenses paid trip to Barcelona in Feb as well. I wonder if we're shelling out another shed load of $$$ to sponsor that again.
LOTM
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