Wrong, the cash situation is worse.
They have a minimum $1m cash holding Covenant with the Lender of the $5m Loan - Pure Asset Management. Refer page 19, 2023 Annual Report.
At Dec 31, they had just $2.8m in cash, deduct the $1m covenant and they're left with just $1.8m.
They burned $1.47m in the last quarter, the strongest quarter of the year when 50%+ of the total annual revenue and cashflow is generated.
Cash burn for upcoming March quarter likely to be worse than - $1.47m of previous quarter.
Out of cash this quarter.
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