It's not as simple as waiting.
It is understanding that iM3NY has significant debt obligations with a high interest rate and high repayment obligations. This all with not a whole lot of cash in the bank (relatively speaking).
interest repayments on the loan are about $6,000,000 a quarter.
Magnis have recently raised $10,000,000....but that is Magnis, not iM3NY, and is meant for the purpose of advancing AAM and Nachu. $10m i suspect won't go far with either of these projects.
Assuming iM3NY hold the rest of the cash ($22mill), they essentially have less than 12 months of interest payments, let alone repaying the capital as it is a loan with a 3 year term (commencing April 2022).
Staff costs of $2m per quarter and Admin/corporate costs of 2.5mill per quarter.
That means iM3 for the next quarter have approx 10mill of running costs (staff, admin, debt interest).
iM3NY is really at the point where it needs to generate revenue ASAP to service these ongoing costs.
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