Ann: Appendix 4C - quarterly, page-22

In the short-term the quarterly cash receipts are clearly unsustainable driven by 1) Pre-payments in Q2 (and agree they should be disclosed) and 2) Receipt of work done in prior quarters in Q2 (remember receipts have been <$1m for the last 3-quarters, lower than the cost of goods!).

I have no idea what to expect in Q3 and Q4 from a receipts perspective but am working on $2m/quarter, which is likely to be aggressive.

Based on the disclosed cost base and no further R&D receipts the business will have ~$1.1-$1.3m in cash at June-30 (also assuming no further debt draw-down or repayment).

My bet - a capital raise well before June-30.

I like the thematic, but not the disclosure and lumpiness of cash receipts - looks fairly valued at $26m market cap for now.