News: EOS Electro Optic Systems Secures Conditional Contract To Supply Remote Weapon Systems To..., page-21

IC

Im well trust you are too.

I certainly wasn’t downplaying the risk here on cash although let’s face it all going concern notes are scary.

note 1 in the accounts states they have converted $45m in cash from the contract asset since Dec 22. So that’s a good start. The Borrowing note also notes this recovery was less than forecast which is technically a breach of covenant under the loans. Revised forecasts have been provided to June 23 and accepted by the lenders so they are banking on a big cash injections and hopefully the lenders are not just accepting pie in the sky cash forecasts.

the Middle East customer seems somewhat accommodating so let’s see what plays out.