Hi, It is really disappointing to know that the release of MR...

Hi,

It is really disappointing to know that the release of MR system has been delayed by 3 months. on its own, this should be no big worry but

- The half yearly states that cash holding is approx. $900K as at end Dec 2014
- There is no mention of R&D receivables (like other half years)
- The approx. monthly expenditure (before hiring more software engineers) is $200K per month
- The receivables are approx. $70K while payables are approx. $300K

what this tells me that company will have a cash crunch coming in about a month or two from now and will need to raise money. I had hoped that MR systems would have been in the market and no more capital raisings are required.

The company's record in raising money has been not that stellar in last three raising ( two money lenders and the recent convertible note.

I still believe in the company's products but the capital position worries me. How much more dilution will be needed?
The company should also come clear about the delays upfront and not leave it till half yearly. Another thing I noted is that the commentary about gastro applications is very muted in this half yearly (they were testing their scope for gastro with St Vincent Hospital - where are we at it or are there any results available?)