Ann: Annual Report-XTD.AX, page-13

The report could have been presented better I think. It would have been a good idea to do a separate table for XTD, taking out the CL expenses and adding back depreciation and share based payments. The business is profitable, but at a glance looks to be loosing money. Big drop on $40K so it should spike up just as quickly when an overseas deal is announced. Its overheads are pretty fixed excluding CL, so the majority of revenue from overseas contracts will drop to the bottom line.

While CL is burning cash at the moment the guys there are doing a pretty amazing job. A space to watch I feel and plenty of positive news likely in the next few months.