Very dissapointing, page-6

no, that only works if ADO are using cash-basis accounting. this isn't a a mom & pop operation here, this is a $90m company!

as for a cap raising, it was mentioned in the interim annual report (and previously and subsequently, too) that an acquisition is planned (and it nearly already happened with a previous target by the sounds of it). the report says it should be cash flow positive, although it can't be taken for granted that means the overall company will be cash flow positive post-acquisition. however lets start by assuming the ceo's worst estimate ($2m) of the annual loss, and a low multiple for p/e (15x) of that to get a cash flow positive purchase. that's $30m. that's a lot to raise. you might be looking at something like 1:1 options at 75% vwap spp (ie an 8c raise again, but to a wider pool of holders) to raise that much. this is all entirely speculation i will add - so don't crucify me.

although even if $30m was too high a number for the target, they'd likely raise more than they needed (and the underwriters would keep some for starters). after all, no company ever said no thanks to having more capital to play with.