What price do they get the next capital raise done at?
The way they report makes it appear they have 4.47 quarters of funding left but that's misleading because in the box on p19 under 'investing activities' they're not including 2.1(c) which is where they incur all their expenditure.
Simple picture is: cash at start of quarter, $69.8M; cash at end of quarter, $34.7M. At that burn rate they have less than one quarter runway left. To be fair they did have to clear ($19.2M) in state royalties, but they also got another $9.9M sugar hit from GST. But they only had to pay ($3.5M) of their debt this past quarter... that can't last. Considering they have ($165.1M) of drawn debt, there's no way this can survive based on their current operations.
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3
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