As of the last report the company had $1.05m cash at the bank...

As of the last report the company had $1.05m cash at the bank (after fully drawing on the facility)

The company expects $600k in receipts in 3-4 months from the date of April 29, 2015.

The recent report also suggests they will get $130k from near-term projects.

Lets assume it takes 3 months for the $730k receipts.

As at July 1 the company will have $1.05m+$730k = $1.78m cash at the bank

For the March quarter cash costs were $404k

So by July 1, after deducting cash costs (assuming it is the same), they will have $1.376m cash at the bank

By this time, assuming they pay the loan down by shares, they would have paid off $306,668.00 (4 instalments) ($76,667*4) in shares - leaving $843,332.00 to pay plus the $50k termination fee.

Technically they could pay off this facility by July/August but what I am questioning is, why would they have taken up this facility (since they did not go out seeking it) if they had to pay $200k for this facility+the options given to Lind at termination. It doesn't make sense. This is eating out of their gross margins..

This is all an estimation, there are probably further costs to be applied.