No cap raising - they are fully funded as per cap raise late...

No cap raising - they are fully funded as per cap raise late last year and grant from West Virginia government! Now I agree with getting to a cashflow positive situation is paramount and in hindsight we probably should already be there! That a side on a forward looking basis the thought of 25t cubic feet at approx. $150 cubic ft margin is more than acceptable in the short term. Note: the $150 margin is an assumption. 25,000 x $150 = $3.75m USD EBIT Even if we work on $3.75m AUD, I'll take that risk for an EPS of 3.5c. Even on 15x = $0.52c When we get to 75t cubic ft the margins should be higher as cost of production reduces. This business will be highly profitable! I know the past has to be used as a reference point and it is painful to have witness however CFO is a real business and we need to focus on forward earnings and ignore the current share price, as hard as it is! In my opinion, this is a true restart guys and Alain appears to be the right man for the job, let's not hang him just yet, we are in the first quarter of a long game. Reading between the lines these updates are designed to educate the market as to the size of the opportunity set globally which I very much welcome! Alain wants to largely have all of the available capacity effectively forward sold so when phase 1 kicks off in August, we can be consistently supplying the nameplate capacity of 25t cubic feet as we hit the ground! Smart and Ambitious = yes, but if he pulls it off 16c will be a steal! Let's put the Navy contract aside as that will most likely be a supply agreement with Touchstone and that will boost sales. The only real disappointment is the guidance given and it not being delivered but that is largely out of their control as the US department of defense make that call! I have been investing in companies for years and the one thing here is that CFO is actually selling product and a big % of ASX Listed companies still haven't even made a dollar and their market caps are substantially higher than CFO! Patience whilst hard will reward us. We just need to continue delivering real quarter on quarter growth and new customer engagement who can validate the product for use within their business. The main game which has been stated many times is August 1 onwards! Good luck to all from a long term holder !