Sophia Loren was pretty skeptical about that 'wardrobe malfunction' pin-up Jayne Mansfield was sporting.

The ASX is continuing to side-eye tech investor Chapmans, this time asking how they expect to run a business when it doesn’t look like they have enough money to last the quarter.

Chapmans (ASX:CHP) tried to raise $678,515 in November to “enable the company to continue as a going concern” and pay off debts.

What they got was just over $33,000.

Couple that with some serious outgoings such as a $250,000 investment announced in November and $600,000 in planned spending in the December quarter.

The ASX was concerned enough to send Chapmans a please-explain letter on December 21 — which it was supposed to respond to by January 18.

The market operator queried everything from where certain loans were in the August half year accounts, to why some $300,000 of investor loans were still repaid in cash rather than equity following a debt-to-equity conversion.

After a detailed review of Chapman’s market statements, the ASX said:

“Based on CHP’s recent announcements, it would appear that its cash flows for the December 2018 quarter will reflect a combination of:

  •  cash outflows of approximately $850,000 which would reflect CHP’s recent $250,000 investment in Tapp [in November] and estimated operating cash outflows of $600,000 disclosed in the September quarter appendix 4C;
  • a cash inflow of approximately $420,000 from the divestment of part of CHP’s GPU. One shareholding; and cash inflows from corporate advisory fees (which ASX notes amounted to $200,000 in the September 2018 quarter).

“Based on the foregoing assumptions, if the shortfall shares [from the November capital raising] are not able to be immediately placed with third parties, it is possible to conclude that CHP’s cash balance could be approximately $124,364 at 31 December 2018.

“It is possible to conclude that if CHP were to continue to expend cash at the rate indicated by the September quarter appendix 4C, CHP may not have sufficient cash to continue funding its operations.”

Chapmans said it made just $62,500 since September.

But raised issue with the ASX’s view on its spending, saying it had a whole $116,291 at the end of December, thank you.

It also reminded the ASX that it is in fact considering de-listing.

Those investor loans were repaid because it took too long to issue the shares.

Chapmans reckons it’ll have spending down to $295,000 this quarter and might even earn as much as $325,000 in consultancy fees.

The company has been under serious pressure over the last 18 months, when the ASX “noted” that it had to restate its results and then began looking hard at fees extracted from in-administration Capital Mining by two then-Chapmans directors.

Then it appeared the company had moved to Malaysia and the ASX started really digging into their relationship with Capital Mining, with the company having to answer a separate ASX query into those dealings the day before Christmas.