I see MCL hit an all time low today of 12c and I don't blame...

I see MCL hit an all time low today of 12c and I don't blame anyone for selling based on the recent quarterly update. Sellers currently outnumber buyers 2:1. The biggest worry for MCL its cashflow position where sales revenue generated over the winter months is insufficient to meet fixed costs and other outgoings. So investors need to decide if they believe MCL can survive the next 6 months before summer arrives and sales will begin to improve. The promised divestment program has not progressed sufficiently to raise capital and is unlikely to attract buyers for unprofitable small craft breweries in the current market. Shareholders are right to be concerned if the business is solvent. The company's lender PAM recognises this and recently forced management's hand to raise $8m by way of capital raise. Only $5M was raised from institutional investors at a huge discount to the market price, screwing shareholders again. Also, don't be fooled when management claim to have '$6M cash in the bank'. These are actually borrowed funds i.e. MCL have a $20M Line of Credit with PAM currently drawn to $14M. So the $6M isn't cash in bank, just an undrawn $6M in their debt facility. Which is another problem for the group. The interest bill on $20M @ 12% (junk bond interest rates!) is $2.4M p.a. thats a lot of beer to sell just to meet the interest payments, let alone pay back any debt. The great pity for investors is that after several years of bad investments and poor execution, the business today is much leaner and focussed on priority brands and of course has Better Beer as its 'unicorn' asset. Its cashflow trajectory is heading in the right direction but they are saddled with debt and I fear they may not have enough cash runway to survive the short term. I hold the stock and hope my fears are misplaced and the company can pull through. There is no update on the Better Beer capital raise that was announced 2 months ago. Shareholders are right to be concerned over the future viability of the company.