Phoslock Environmental Technologies (ASX:PET) has provided a trading update for the quarter ending December 31, 2022, with a net cash outflow of about $1M, continuing the trend of a reduction in cash outflows in recent quarters.
Phoslock says receipts of $1.6M were primarily related to HydroScience, its South American distributor and KQB China, after a protracted legal negotiation - agreed to partially pay $216,000 of the $321,000 owing.
It also says administration and corporate costs were marginally higher in this quarter compared to the September quarter as a result of higher consulting expenditure., partially offset by lower people costs as a result of changes in China.
Phoslock says it remains adequately funded with cash and cash equivalents of about $14.5M at the end of the quarter, which is a $1M improvement on what was forecasted in the Pre-Reinstatement disclosure posted last Sept.