The last quarterly said cash of $3.2m and projected spending of...

The last quarterly said cash of $3.2m and projected spending of $3.8m.

The projected spending only covers until 31 March 2018, so the cash balance at the date of the report may include spending for the July 18 quarter but not include cash receipts for the March 18 or July 18 quarter.

Keeping in mind that the company reports cash flow as opposed to stockpiling of cash profits, it may be that the company is spending money on its core business of exploration, development and production

But I agree, it's a good question for the company to clarify but not necessarily as simple as "should have been $4m" - it could potentially be $2m cash and $2m receivable - who knows at this stage.