What First Samuel said...

I checked their website to see if they have updated investors on the latest news - nothing yet.

Then I read this, from May 2018:

The big news for clients’ portfolios this week were the (First Samuel supported) capital raise by NSL Consolidated Ltd (NSL) to move to a third phase of its expansion of its Kurnool, India benefaction plant (from 200,000 tonnes pa to 400,000 tonnes pa). NSL has now delivered a stable (and rising) production from Kurnool phase 2, and cash flow positive.  Due to the longer term growth opportunity (the Andhra Pradesh government would like to see NSL move to 8mtpa ASAP) the company elected to move straight to stage 3 (hence requiring more equity). In addition to the capital raise the company has announced a share consolidation, and a pending name change to reflect the now production status it has achieved.  This follows from the appointment a new Non-Executive Director (Raymond Betros) in April, and now signals the company is ready to make a positive charge at the next stage of its somewhat renewed life.

Uhhh…???  Did they fudge the books when they 'sold' their expansion plan to First Samuel?  It clearly says they are cash flow positive with Phase 2.  

How did we go from this in 8 months to cancelling P3?  And why is First Samuel hanging in there?