Ann: Half Yearly Report and Accounts, page-235

There is the word "if" written there.

Based of the statement of cashflow...

Current cash burn is around $4.6 million EXCLUDING investing activities.

Current cash is around $5.2 million.

So logically, in my view, JAT has around 6 months worth of cash left before it needs to get more funding. My guess is that a CR would be needed but how much would JAT need? Now, assuming that the cash burn is sustained or increase next year then in my view they would need at least $10 million or so, lets say $15 million to be safe. So $10 million to maintain current level of revenue plus some cash of $5 million to do whatever investing is needed. The way I see it, the problem is that JAT current market cap is only around 45 million. The amount of $15 million would constitute of 33 percent of the entire market cap. Also typically a CR would be done at a discount...

So that is my take on it...

Feel free to argue on the points I made but the negative cashflow is there, even if you do not want to acknowledge it. Unless they can reduce the cash burn then I believe a CR is almost guaranteed.

Feel free to correct me if I am wrong but cashflow through operation and investing activities are separate. Companies can grow rapidly and still have positive cashflow despite having no NPAT.