Ann: Appendix 4C - quarterly, page-4

I'm not concerned about their revenues so much as I am their cash receipts, and the way they glossed over the huge fall in the 4C. A drop that large deserves an explanation, even if it's just something simple like "due to a customer's receipt coming in after EOQ, cash receipts have been negatively affected by $500k".

Frankly, if they'd managed their cash better and ramped up more quickly, we probably could've avoided the last cap raise.

If there's no improvement in the next quarter or two I'll be selling. More than 12 months as a listed company and they've made very little progress on revenues and cashflows. "We signed another new client" does get tired after a while when it's not making any impact on the 4Cs. I've been burned by early-stage tech companies that announce a lot of customers and then never deliver on revenues before, I'm not gonna stick around forever.