Ann: Investor Update, page-2

I hate to say it but looks like this presentation is for a CR.

If you have look at page 24 of the document it shows the expected expenditure from June onwards.

They had $2M in the bank end of March. Average burn would see them burn through $666,000 April and May = $1,334,000

$583,000 - June

= $751,000 left EOFY.

$728,000 - July = No money left.

Between now and the end of the year they need $3.7M (June to December)

They are going to need to raise $2.5M to fund through to December. Even with a loan for the R&D - $1,000,000 they still need 1.5M.

My guess is they will borrow $1M and raise $2-3M unless they already have a strategic investor and the presentation is a pre-cursor.