As I said news re mask could come at any time24 Jun 2021 12:24
Revenue increased to £104k in 2020 from £52k in 2019, driven mainly by sales at GyroMetric (up to £83k from £51k in 2019). Operating costs increased to £1.26m from £0.61m in 2019, due mainly to the expense of the share options granted to directors in November 2020 and a number of one-off costs, including costs related to the P2F acquisition. With the carrying value of GyroMetric being written off at the end year reflecting the proposed terms of its disposal, total losses before tax on continuing operations more than doubled to £1.53m from £0.59m in 2019; giving a loss per share on continuing operations of 0.18p. However, nearly half this loss was due to the share option expenses (£434k) and the impairment on the value of GyroMetric (£363k). As these are both non-cash items, the net cash used by continuing operations was £990k, compared to £583k in 2019, driven mainly by an increase of £358k in working capital (mainly due to advance payments on the mask machine and raw materials to make the anti-viral masks at P2F) compared to a decrease of £123k in 2019. Through placings in April, July and December, coupled with the exercise of warrants, the Company raised over £6.0m net of costs of £0.4m. £1.5m of the placing monies from December were not received until after the year end and hence are not included in the year-end cash balance of £3.6m. The exercise to date in 2021 of further warrants and options have raised an additional £0.9m for the Group and, as at 7 June 2021, its consolidated bank balance stood at approximately £5.0m .
We are not draining cash or burning it at the rate many would suggest. 5m as of a few weeks ago
Costs borne to date mainly one off costs
New BOD New agreements New strategies
All going in the right direction lets hope
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