Hey Hackenbacker,

CanadianAussie's points are absolutely right but I might just add a couple of points. First, you're asking the right questions, although when you get really granular with it you can start to run into problems relating to limitations in the data. With regards to Rightcrowd (because it seems like the easiest) - is it sustainable? I'm looking at the same information as you and coming up with the same conclusion that No, it's not. Revenue was a little higher than receipts ($4.2m vs $3.8m) so there might be some timing difference pushing cashflows down, even so there's a big deficit to make up. If they don't get propped up by further government grants I wouldn't be surprised if there's a cap raise in the next six months.

With regards to Spectur I'd say a couple of things. One is that forecasting cashflow as a company employee is an inexact science. My experience is that if you're the guy that caused the company payroll to bounce because you got the forecast wrong you're going to struggle to win Employee of the Month. As a result they will always tend to err on the side of caution and sacrifice some interest payments (that they potentially don't need) to guarantee liquidity. They may even have internal Treasury rules or bank covenants to say below a certain account balance they will access a line of credit. The other point is that we only have two data points to compare - 30 Sep and 31 Dec (and the movement in between), but cashflow is never linear. So yes they had $1.0m in cash on 31 Dec but they may have tapped out in the middle of Dec or they be aware of a large payment that's due just after the reporting period ended. Just a final suggestion - if you are really curious ask them. My experience is that most organisations are reasonably open and I can't imagine the answer is particularly price sensitive.