I would expect that they will need to turn there minds to a cap...

I would expect that they will need to turn there minds to a cap raise before Q3 next year. Cash on hand as at 30 June 2020 was 1.4M + another 1.9M raised in July would suggest about $3ish mill currently held. Cash burn in the last quarter was 1.2M which has come down substantially but is still quite high. They are also dependant on gov grants and R&D tax incentives and declared as much in the annual report:
"To continue as a going concern the Company is reliant on achieving its forecast revenue and research and development tax incentive income milestones, as well as securing additional customer engagements and funding to meet its working capital requirements"

Management will also not want to be on the bones of their arse when lining up further funds. Given this i would expect another cap raise around the end of Q1 2021.

In an of itself i dont think this is an issue. Provided they can secure another deal or two and hopefully provide some clarity around the materiality around the mastercard deal before then, they should be able to raise at a reasonable SP and set the company up for the next 12-24 months.

I would otherwise agree with your comments.

t