I was fascinated how they continued to operate with such little cash for 2 months , but it is likely as you say Payables simply increaed and perhaps even a short term loan from directors . Absolutely amazing that they mananed to raise 2 m for essentially paying down partial debt without any detail on the rest
Assuming they netted about 1.85m after fees from the placement, and 500k for debt reduction , 500k for payables , one would expect cash balance at the end of the quarter to be only about 800k so another CR will be required soon, which I imagine they will do off the back of any gas sales agreement and they will use that opportunity to raise a lot more cash . I am interested to see how long the salaries will stay where they are and also interested to see what the payments to associated entities looks like going forward
FPL Price at posting:
0.8¢ Sentiment: None Disclosure: Not Held
