No, this company is already insolvent, IMHO.
With $28k left in the bank as at end of last quarter (31st March 2024).
There aren't enough money to pay for:
1. Interest of 5% per month on circa $4.5M loan,
2. Wages and salaries,
3. Rental,
4. IT costs (lol),
5. Maintenance costs on graphite leases,
6. Legal Expenses to defend against ASIC,
7. ASX annual fees,
These are just a few costs I could think of. But the company only has $28k.
They will need at least $250K this quarter, just to drag this onto next quarter - on the forlorn hope something might eventuate.
IMHO, its all gone. Reputation is gone. Company is suspended, so can't raise any capital. Nobody is going to do a deal with a company with only $28k cash left and facing lots of legal issues.
The cupboard is almost bare.
Short term lenders will be concerned about whether they will get any money back!!!
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