Ann: Appendix 4C - quarterly cash flow report-GER.AX, page-3

That's one way of spinning it. Here's another:

Cash receipts from customers down over 50% from last quarter.

The company burnt $1.6m in operations and needed to lend NCF approx $350,ooo.

The company did a cap raise of $3.8m and needed to use $2.6m of this (to pay back debt, cover its operational cash burn and cover its loan to NCF) in just one quarter.

The company has $2.5m left and if forecasting expenditure of $3.8m in the next quarter. It will need to collect customer payments of at least $1.3m just to have $0 at the end of the quarter. Otherwise it will need to either:

(a) take on more debt; or

(b) raise capital AGAIN.