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Hi Sparj
If his operating cash flow is negative , how can he afford to repay the debt ?
At some point that number has to become positive for IBA to pay off debt.

Only other way to do it without dilution is a rights issue ( where everyone gets diluted equally)

I think they have a great product and they give the impression of being very capable business leaders , but IMHO it may take a bit longer than I originally thought.