Ann: Appendix 4C - quarterly, page-7

Tend to agree, a capital raising is no certainty based on the latest quarterly.

With the mention of strong organic growth and only 16-17 days contribution from estore and record revenue for March, you would expect the revenue growth to start to outstrip the fixed costs and get even closer to cash flow positive. I am guessing, but you could assume at least a $2m a month revenue run rate based on March, so potentially $6m for the qtr.

Obviously an acquisition would see more cash leave the business, but you can see from the estore deal that they don't need heaps of cash to make decent acquisitions.