Ann: Appendix 4D & Interim Financial Report, page-5

The Asia segment is now >90% of revenue and is growing at 75% yoy.
So you have a company on track for at least 6m revenue, growing at 75% yoy with 1.5m cash in the bank trading at a market cap of 5.5m (EV 4m).
The unearned revenue will clearly unwind with no cash cost- confirmed on this report with it decreasing on the balance sheet and also in note 1.
FCF 0.25m for the half (8% revenue) and that is counting all capex as stay in business expense which it clearly isn't when revenue is growing by 75-80% annually.
The headline 22% growth is also actually cycling against a very strong half (HY18 was up 211% against HY 17%
And this is trading at <1x revenue....

It mat take 6-12 months for it to all wash through the accounts (DH20 will be the first half with pcp having minimal revenue ex-Asia), but if Michael can continue doing what he has done for the last year, we are looking at a revenue run rate of >9m by then. 

This could end up being a very good multi-year story.  I hope they do actually buy back as many shares as possible- it really supercharges the prospective returns we can get when the cash on hand is such a large component of the market capitalisation.