Cash Receipts are below my forecast at $2.1m, but good to see...

Cash Receipts are below my forecast at $2.1m, but good to see that costs have been well constrained.
Quarterly cash inflow has increased by 159% to $241k.
Cash balance is at $1.9m (but brought down by a strong USD).

Some numbers not shown in the presentation:

65% of new App downloads (subscribers) are being converted into paying users.
44% of subscribers are now users up from 31% a year ago.

My guess is that the Local Plans are starting to impact on ARPU, but are enabling FRX to convert users at a more efficient rate.

Looking forward to the current Q, FRX should achieve their 200,000 download very soon, and with some luck should achieve 100,000 users and $8m in annual receipts.

I'd like to see faster growth, but with continued performance in the App stores (53 Top 1000 iOS yesterday), Flexishare, the Malaysia Air deal, eSIM launch later in the Q, and Inflight WiFi as catalysts, I'm maintaining my buy sentiment.