Ann: Appendix 4C - quarterly , page-34

Ozzy,

I am not sure why you (and others) are questioning the cash burn???

The company has more staff, is growing, has started receiving income, etc., and the cash burn is still the same as previous quarters?

To answer your question, yes I think that the cash burn is justifiable - why wouldn't it be?

Why don't you compare it to peers in the same sector that also have some income???

Save yourself the headache, I have done it for you below.

Please, feel free to add any companies that you know of that are relevant.

Anyway, here is the summary:

Highlighted bids:

- MBE is the only company making a profit at this stage, even though most of the other companies have been receiving income for quite a while;

- ESN has the lowest cash burn and the lowest market cap/EV;

- 2 of the other 4 peers have comparable cash on hand to ESN, but with market caps/EV's of many multiples;

- The 2 other companies that have more cash have raised cash in the last quarter;



In relation to your income question:

Yes, of course the 400% rise in the last quarter is a more reliable indicator of where we're likely to land in the next quarter, then is your thinking/guessing?