Ann: Appendix 4C - FY18 ARR reaches $15m, up 275%, page-17

$17.8m cash in the bank plus government grants of at least $3.7m expected in FY 2019 = $21.5m.

Probably some late quarter sales will be held over to Q1 FY 2019 and customer receipts should grow strongly from the level of $3.4m achieved last quarter.

Net cash outflow of $6.4m last quarter.

There may be a wish to raise more capital, but it does not seem to be urgent and could be held over to next year. But, realistically, it could either be late this year or early next year.

What will the price be then when they look to raise capital? Will it be at current levels or higher?

Could Microsoft make a strategic investment of 10% or 20% at a then premium to market and solve all funding issues?

....... many unanswered questions!