The cash flow statements for the first three years as a listed...

The cash flow statements for the first three years as a listed company are not looking good. In CY18 they burnt through more than $13m and have very little to show for it.

Mar Qtr 16: cash flow negative -$1.6m Cash Receipts $0.1m
Jun Qtr 16: cash flow negative -$2.2m Cash Receipts $0.1m
Sep Qtr 16: cash flow negative -$1.6m Cash Receipts $0.1m
Dec Qtr 16: cash flow negative -$2.3m Cash Receipts $0.1m 

Mar Qtr 17: cash flow negative -$1.9m Cash Receipts $0.4m
Jun Qtr 17: cash flow negative -$2.7m Cash Receipts $0.5m
Sep Qtr 17: cash flow negative -$1.7m Cash Receipts $0.4m
Dec Qtr 17: cash flow negative -$2.7m Cash Receipts $0.4m  [cash: $28.4m] 

Mar Qtr 18: cash flow negative -$3.1m Cash Receipts $0.5m
Jun Qtr 18: cash flow negative -$2.7m Cash Receipts $0.3m
Sep Qtr 18: cash flow negative -$3.9m Cash Receipts $1.2m
Dec Qtr 18: cash flow negative -$3.7m Cash Receipts $0.6m  [cash: $15.1m]