Ann: ARR reaches $18.6 million, up 272% YoY, page-48

forecast FY19 EBITDA is negative 25m and FY20 is negative 15m in FY21 it finally delivers a mill in positive. EBITDA

so assuming the company counts it's prospective 7m r and d grant it is expected to receive for setting up in Rochester New York and no contingent liabilities from any litigation as revenue then the cash burn for the next two years is about 36 million

they raised 27 m including the SPP

so net the raise against cash burn leaves negative 9m cash


turning to the annual report they had cash on balance sheet of 17.8 m so net off the cash position at the end of FY20 leaves them at 8.8 m cash in FY20

there are 551m shares in issue at 45 cents so market cap is 248 net of the residual cash leaves an EV of 240

so Its on 10x FY19 revenue which seems epensIve

you cant rule our a capItal raIse in FY21

not much room for error however at 36 cents your EV to sales is a more respectable 8x

they have optIons to reduce cash burn so thIs would be well received


best DYOR though as this is just a quick guess