13.8m cash 4.6m receivables 18.4m current assets excluding...

13.8m cash
4.6m receivables
18.4m current assets excluding inventory vs 26m current liabilities leaves a shortfall of 7.6m mill to be covered
25m of inventory on the books but falling margins hints that some of that might be overstated
there is also 11m in short term operating lease commitments which conveniently don't appear as liabilities
they look stretched for short term liquidity

had a quick read through the prospectus which reeks of clever accounting (maze of adjustments - note the nice trend created by interest and tax adjustments)
lots of room to play with numbers when consolidating/acquiring
there is also approx 23m of sales per year from interest free payments where timing of recognition is up to the discretion of management