Ann: Appendix 4E and Financial Statements, page-15

A few things to point out, which go totally against the suggestion above that further capital raising would be required:

- Withstanding the large accounting loss booked (which we know is a result of write down of goodwill common with any newly listed IP type business, and a cause of how these things get treated by mandatory accounting policies ), the company only saw a reduction of $4m or so in cash during the entire year.

- The gross profit recognised by the business in the last year exceeds 40%!! Which is super impressive for a business which is largely just a reseller.

- The revenue booked for the year is over 80% of current market cap (cash received double that). Pretty silly.

So, given the above and the revenue growth we saw in the last quarterly plus the early news of the trend continuing this quarter, I would say that cash deficit of $4m last year can only be improved upon going forward - not the other way around.

Add to that the work they have already started on cost reductions in the admin space too, which will only further improve the bottom line and pressure on cash going forward.

If they do seek out additional capital I think it will only be to further expand because I'm sure there are even more opportunities for consolidation and efficiencies out there.

The market is forward centric and it's not going to base it's decision on the effects of accounting policies and historical data.