Spot on, with no demand why mention spending more on capacity. $39k of Protein sales doesn't warrant a heap more capital expenditure, opex and deprecation. All funds should be spent on highly aggressive cost cutting and a decent sales team.
The WA Gov loan was linked to Oat Milk facility and only distributed in small stages as that Oat Milk facility was built, as was the $11m in financing from NAB, they shouldn't have put that on the last quarterly given it would no longer be able to be used. So they only had that $610k at the end of March really. They were likely trading insolvent during April which leads to this wipe out raise.
WOA Price at posting:
8.3¢ Sentiment: Sell Disclosure: Held
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