When I tried to work out possible deferred revenue for the Hy, I...

When I tried to work out possible deferred revenue for the Hy, I came up with something very close to the security deposit amount Squeef. And that was before the asx response letter.

If accurate, that would mean they managed to move the $5.6m of deferred revenue off the liability side of the balance sheet (as described in the annual report).

In conclusion, the hy report could still come close to break even, but with a massive deferred revenue liability that will be hard to overcome without around 50% customer uptake. They would also need to wean themselves off the FC financing because the way they are operating it right now means it will always just get bigger and riskier. Hence why I think a capital raising would be best for the company (if they can manage one).