I like the business model here. Have always had on the...

I like the business model here. Have always had on the watchlist. Cashflow break even hopefully on a recurring basis now.... $350k per month?

But the balance sheet needs repairing.

$7m debt, and $5.8m in payables at Dec end.
Cash outflows last two quarters $5m and $2.8m from the $12m.

So we can reasonably assume that payables are still material compared to the $1.5m receivables they keep talking about. Obviously inventories need to be taken into account but my point being....

They say they are going to market for working capital and that's just manure, they are out of cash again.

What's the current EV and EV post the new facility? $140m? $150m?

They need to be upfront as the next move imo will mean more shareholder pain in the mid term.

It's a shame as the business just seems to be gaining momentum, however I have been here before and without earnings the new offers for debt facility smell like a convertible note or other hybrid.

Cheers