@PeregrineCapital Did you read the "going concern" note? It's a doozy.

The Annual Report for the year ended 31 March 2023 contains an independent auditor's report which highlights the existence of a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern.

and from note 2

On 31 May 2023, the Group varied the waiver arrangement dated 30 March 2023 with its lender, Arrowpoint Capital Pty Ltd in relation to its senior debt facility (the "standstill Arrangement"). The standstill arrangement waives the obligation for the Group to pay principal repayments during the period 31 May 2023 to 30 November 2023 (including the 31 March 2023 $650,000 principal repayment waived in the waiver agreement)  other than in the event of an asset sale. Also, as part of the standstill agreement, Arrowpoint Capital Pty Ltd, has agreed to take no action for any breaches of financial covenants during the period from 31 May 2023 to 30 November 2023 as long the conditions noted under the standstill arrangement are complied with by the Group. The Group's financial covenants on the senior debt facility include:

1. Minimum cash balance — cannot be less than $2,000,000 at all times; 
2. Leverage Ratio - cannot exceed 3.5 times at the end of each quarter; 
3. Debt Service Cover Ratio — cannot be less than 1.3 times at the end of each quarter; 
4. Interest Cover Ratio — cannot be less than 3.0 times at the end of each quarter; and 
5. Capital expenditure of the Group cannot exceed 110% of the forecasted capital expenditure of the Group set out in the Budget for the relevant financial year (reviewed at the end of each quarter). 

"The Group has been in breach of the Minimum cash balance covenant in June 2023."

What a shit-show!

And people ask why we don't manufacture in Australia