Earnings in Q3 FY20, page-5

hey Karina

It's a little but worrying in that the management are not supplying info about the debt structure and whether is a ConNote.

The cause of death in 90% of startups is cash flow crunch.

To work out the end of life scenario gene investing in a startup, you work out what is the net financial position today (cash-debts) and the cashburn and hence effective lifetime.

Since we have not been supplied the loan agreement between APH and Charlie Mann, you have to assume worst case scenario (he can call in the debt at his election).

If Q3 is poor and Q4 is killed by Corona, I think it's time to search for a new RTO....