As at September 30 2018 the company had a reported cash balance of $4.567 million. Subsequent to that date is has received $1 million of the subscription monies. Hence total cash of $5.567 million. Expected cash outflows for the December quarter amount to $5,560,000.
I understand that the $2 million from the sophisticated Investor is predicated on further subscription monies being received.
Assuming that no funds are due/can be drawn from ISF or Lind Partners and there is a further delay in funding from the Chinese wont this company have to cease all activities in December or risk Insolvency?
My Interest lies in assisting a local Halls Creek contractor obtain work on the proposed Duncan Road upgrade but this company's financial position looks perilous unless it receives those overdue two tranches of subscription funding VERY shortly.
What am I missing here?
NTU Price at posting:
7.2¢ Sentiment: None Disclosure: Not Held
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