Re-rate Potential, page-18

While the report is signed 28 June 2019 the period that the report is covering is "For the year ended 31 March 2019"

"At the current run rate, the Group has sufficient cash for a further four months from the date of signing these financial statements." This would basically take them until the end of July however on the 18th of April they announced a fully underwritten entitlement offer which raised $5.3m, on completion of the offer $2.15m was used to repay borrowings and discharge all debt. The balance being ~$3.15m added to working capital.

As at the end of the last quarter they had $1.3m cash. Projected outflows were ~$3m with $1.6m to $1.8m of inflows for a net of $1.2m-1.4m in cash burn for the quarter.

3.15m + 1.3m - 1.4m = 3.05m

They should finish this quarter with around $3.05m without any meaningful increase in revenue from BNZ. Given the traction that has been communicated from the BNZ deal there should be an increase in revenue hence a reduction in burn however this may depend on the billing cycle.

This is the foot note from the last quarterly

"Note To fully understand the Company's estimated subsequent quarterly operating cash estimates, cash inflows from customer receipts and government grants should also be considered. Consistent with previous quarters it is reasonable to conclude that the company will derive receipts from customers generated from delivery of our services and receive payment of quarterly grant awards submitted for payment in the coming quarter. As of the date of this report, on that basis, the company expects to generate an estimate of approximately $1.6 to $1.8 million of cash inflows from customer receipts and government grants, which would result in an estimated total net cash outflow to be estimated between $1.1 million and $1.3 million for the next quarter

Further as reported to the ASX on 18 April 2019 the company has announced a fully underwritten pro rata renounceable entitlement offer to raise A$5.3m before costs at an issue price of A$0.016 per new share. For more information on the rights issue and use of funds please refer to the Entitlement Offer document released to the ASX on 18 April 2019."

Furthermore to answer the question posed by @Starscreen the April investor presentation which accompanied the capital raising indicated that the expectation is for cash burn to reduce over the ensuing quarters as per the screenshot in the parent post to this thread.

From today the company should have sufficient working capital for between 6 months and a year. Land any of the pipeline deals and there is a very good chance that the company have the required working capital to see them thru until profitability. In the spec end you can never say never when a CR is concerned however from the information we have we can certainly say that they have no need to raise capital for at least 6 months.