Nope, you're pretty much right. Except they should be roughly cashflow neutral next quarter. That $24M figure is cash outflow but doesn't include receipts for coal sales which should be ~$25M.
COK are in trouble due to a combination of poor decisions made at the height of the boom (taking on too much debt/holding onto too many non-core assets they could have sold for a good price) and because the Koreans shafted them by pulling out of a deal that would have settled both the debt and a large part of the capex for Baralaba expansion.
The SP when the Koreans pulled out was about 50c.
The company is basically counting on a funding deal based on the NPV of the project which is in excess of $1B. They currently hold 80% of the project so they have the value there to survive.
It's just a question of them securing a deal, preferably one that doesn't involve raising equity given the terrible SP.
Anybody holding this stock now is basically gambling on a deal. And soon.
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