$70,000,000 Seed Capital-Cut Back, page-6

Xrated. Following up from Foyt's comment the $70m was roughly financed by:

EBITDA (2016&2017) $38m
New equity (conv notes and options) $10m
Borrowings (SA gov, prom notes) $10m
Delayed payment to creditors and employees $12m

Effectively they have to pay out the borrowings and bring creditors and employees back to "normal terms". Now that they are cashflow positive they can start paying this back. In 2018 (until 30 June) they have been able to pay $3m off the borrowings and reduce creditors by $10m so they are making good progress. They should be normalised pretty soon and then they can start thinking about giving the thirsty shareholders a nice drink!