Its taken so long, page-16

the company is spending $6.6m Dec qtr and earning about $3m currently - net cash burn will likely be negative $3-3.5m.

the spend in dec qtr is up on sept qtr - sept qtr being seasonally a strong time for revenues- which is why youd expect the net cash decrease more in Dec than the -$2.8m they burnt in Sept qtr

the company has $12m cash on hand as at end of sept - so in 6 months you are looking at ~$6m cash in bank - or less than 1 qtrs outgoings before income

any director will require a raising before that point - most boards require a minimum of 2 qtrs cash on hand with assumption of 0 income as a safety measure against any risk of trading insolvency

there is a $10m debt facility undrawn + 20c strike options that if exercised would bring in additional funds

the options at this point would seem unlikely to be exercised - unless ICQ can show it turns a corner and moves very close to or actually goes cashflow positive

The $10m debt facility will have a high rate of interest attached - thats the nature of commercial lending - so you really dont want to use that unless in extremis. taking on debt while non positive cashflow has been the death of many companies

I would expect a raise by early 2nd qtr next year on all the above - unless something suddenly improves in net cash earnings

you can of course gamble on the earnings J curving before then - but the history hasnt shown fast natural growth rate in adoption as yet - instead its been a solid slog with the rise in company spending linked to driving rising company revenue

theyve been gradually lifting spending to try to speed up growth and traction - only natural - but its not yet ignited

$6.6m is a massive qtrly spend for such a small tech company