Ann: Appendix 4C - quarterly, page-23

I'm just starting to poke around to see if I want to invest in BTH. So far I can't really see why it should be trading higher than 20 cents or thereabouts, but I'm basing this on what is still limited information. The main issue for me has been not meeting IPO forecasts for FY2017. Revenue was down and operational expenses were up resulting in losses that were 28% higher than forecast in a relatively short period of time. The company is also burning through its cash at a fair clip, although the 4C reported an increase of $600k in cash or cash equivalents. If you were to apply a 28% discount to the IPO price (I know it doesn't work that way, but still....) you'd have a SP of 18.7 cents, so I don't know how you come up with 60 cents.