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Current cash of £7m. Cenkos forecasts are for a £4.5m cash burn in 2022 leaving cash of £2.4m at the end of 2022.
More guaranteed revenue in 2023 so cash burn should be a lot less that £4.5m
The £2.4m at the end of 2022 could get them most of the way though 2023, maybe even to profitability.
Cenkos have said they might get through to profitability with the current cash.
In any case at least 18 months of cash left.
“Current cash of £7m. Cenkos forecasts are for a £4.5m cash burn in 2022 leaving cash of £2.4m at the end of 2022.”
Thought £3.2mil was raised via EIS and ear marked for some new platform?
That therefore leaves bidstack short according to above.
Obviously that doesn’t take into account anything bidstack generate this year
I’ll do a Jung special and cut and paste from RNSs before any one starts calling me out as deramper, liar etc. await abuse any way even though it is facts
“The net proceeds of the Placing raised under EIS and/or from VCTs is proposed to be used to fund the development of a platform to allow commercial rights owners, such as sports league bodies and global sport teams, to have control over the content that appears in their licensed Intellectual Property.”
“At least £3.2 million of the Placing has been raised under the Enterprise Investment Scheme and/or from Venture Capital Trusts.”
I think this is all factored into the Cenkos forecast.
By far Bidstack’s largest cost is Staff Cost. I think developing a new platform will largely be the time of technical staff, which they already have. The core tech stack is developed so I assume their time will be spent on other technical developments, like the new platform.
They are forecast ending 2022 with £2.4m,
In cash, after meeting all costs.
From the Cenkos note after the raise.
‘We estimate that this funding round will sufficiently finance the business through FY21E and FY22E based on current revenue forecasts and possibly through the profitability inflection point depending on the pace of revenue growth.’
And this was before the AAA and Azerion contracts!
Plenty of cash....that's a good one! Think you meant, plenty of cash. ......needed. This is like dreamers city central. Dear oh dear.