And it gets even worse for GMC: There is a $1M convertible note...

And it gets even worse for GMC:

• There is a $1M convertible note outstanding and redeemable at BB Lee Superfund's option with 1 month notification to the Company.
• GMC had $3.5M cash as at 31 December 2017, with $3.5M cash forecast for the next quarter ending 31 March 2018 (from Quarterly Cashflow Report, 31 January 2018).

So basically, if BB Lee Superfund were to exercise their option to redeem the convertible note of $1M, GMC could become insolvent.

Interesting that GMC have chosen not to disclose this convertible note within section '8. Financing facilities available' of the Quarterly Cashflow Report...

From Supplementary Prospectus, 23 June 2017:
"
2.4 Convertible Note
On 22 June 2017 BB Lee Superfund subscribed for convertible notes with an aggregate value of $1 million (Notes). The Company intends to issue the Notes on Monday, 26 June 2017.
The Notes will be issued on the following terms:
(a) (Amount): $10,000 per Note.
(b) (Coupon): 8% per annum.
(c) (Term): 2 years from the date of issue to
(d) (Interest payments): Payable monthly in arrears.
(e) (Ranking): Senior in obligation of payment to any future indebtedness including dividends (f) (Security): The Notes are unsecured.
(g) (Conversion):
(1) A Note converted prior to 21 August 2017 will be converted into 666,667 New Shares at an issue price of $0.015 per New Share with 3 free attaching New Options for every 2 New Shares issued, exercisable at $0.005 each expiring on 21 April 2019
(2) A Note converted after 21 August 2017 will be converted into New Shares at an issue price of $0.015 per New Share.
(h) (Redemption): After 3 months from the date of issue of the Note, each Note may be redeemed at BB Lee Superfund's option with 1 month notification to the Company. Upon expiry of the Term all outstanding Notes will be redeemed in full.
"