Quarterly loss, page-25

Well if you're going to play the game, it's easy to refer to their March quarter 4C production & manufacturing costs and refer to their June Quarter 4C cash receipts for your answer?

$975k in production & manufacturing costs in March Quarter
$2M in cash receipts for June Quarter

But as far as I can tell, Ajx operate on 30 day payment terms to suppliers and debtors so maybe a bit too simplistic to look at the whole quarter's spending.

Eg. from the annual report. $900k trade debtors as per annual report, 500k in trade debtors.

So in July:
Receive $900k from Customers, pay $500k to suppliers
Sell the $500k in inventory ($833k if margin 40%)
Order $600k from suppliers.

In August:
Receive $833k from customers. pay $600k to suppliers
Sell the $600k in inventory = $1m in sales
Order $600k from suppliers

In September.
Receive $1m from customers, pay $600k to suppliers
Sell the $600k in inventory = $1m in sales
Order $600k from suppliers?

Ends up with $2.7M from receipts, $1.7m spent on product and manufacturing costs (as per the estimate from the last 4C.

This ends up with a net cash outflow of $2.7M-$3.2m = -$500k

Granted this is an optimistic approach.... and I haven't even taken into account whatever their inventory stockpile is meant to be.