Ann: Appendix 4C - quarterly, page-22

For those not paying attention to the reports for the last two quarters a huge debt was left over owed to merchants. This seems to have been paid this quarter and last that is why the cash burn is so high. Leaving next quarter with a clearer balance sheet and $45mil in cash.

The business is only fledgling in Indoneasia and Philipines with the main market in Hong Kong and Singapore with Thailand growing.

Mainly small traders selling. Acorn selling down seems to be the only large holder. Focusing on the cash burn will end up in selling at a low point.

Patience required up to two more years imo, once this turns the corner it will smash through 50cents. Revenue should be over $110 to $120 for the year with the company valued at $105million holding $45 million cash.

Still a hold though at 12cents a risk worth taking.