cash flow from ops final, page-2

Hi BB,

Just so I understand it:-

Q2 - stripping out the cap raising and Einasleigh, KZL spent $30m more than they received in income.

Q3 - based on your spreadsheet, they are spending another $15m in the qtr more than they are receiving in income. (Even if we assume the other $10m in savings, the numbers are suggesting that they are still $5m in the red.)

If this is correct, then would it be fair to say that they are borrowing money for recurrent operations?

HT1