Good result, page-2

Pro forma NPAT was $4.1 m (Actual NPAT including non recurring items was a loss $3m)
Market Cap is 335m

PE is 81. Eighty one. It is going to take the business doubling in size....twice! to get PE to a decent level.

The real kicker is the Cash statement. The business was not cash positive across operations, investing or financing. The cash paid to suppliers and employers was greater than cash received from customers. That's a scary sign for a software company. I thought they were meant to be scalable with big margins.

On $18m revenue, payments to staff was over $8m. 44% of revenue to pay staff....If this level continues, that is a enormous drag on future profitability.

Payments for intangibles was $3.8m. Which is okay except that they have said that this level of spending will be needed to continue to remain competitive and watch the value of those intangible assets drop like a stone as technology continues to evolve at a rapid pace.

The most telling aspect that this is complete joke of a company was the special dividend to pre-ipo holders of $82.73 per share! Stripping out or transferring 12.5m from IPO buyers to pre-ipo buyers. I wonder how long it will take current stockholders to get that sort of money out of this company. Most likely they will never see those sort of returns. The stock would need to increase in value 32 times to get that in capital growth. This would value the company at $10.7bn.

I'm not saying that it can't happen but there are plenty of easier, more profitable, lower risk alternatives out there.

Good luck with this thing...you will need it.