Those covenants were laid down when the market was different...

Those covenants were laid down when the market was different than today, however the banks will know that a lot has changed in >12 months.

In the meantime CQU has completed acquisition of other businesses (approx. $1.7m, now contributing to income), attracted further investment and is paying off debt (approx. $2m).

CQU's latest 4C shows that they had ~$22m in receipts and while all outgoings meant a loss of ~$1.2m, a significant proportion of those outgoings were purchases of other businesses, payments on loans, establishment costs, etc., some of which were non-recurring.

The cash burn is therefore going to be be far less in the next qtr and given that the net qtr loss was just over $1.2m and cash at hand more than $2m, I suggest the story isn't over yet.