Ann: Appointment of CEO & Managing Director, page-10

Overhead cost reduction of 19% is great, but that has now been blown out of the water by the new appointments with nose-bleedingly generous salaries/bonuses.

And the "210%" revenue increase figure is close to meaningless. Do you notice they don't give actual revenue figures, in dollars, despite the fact they already know the figures? Why is that? Because this increase is off a very tiny base; there was very little revenue last FY, so I'm surprised the increase is only 210% to be honest. Don't be fooled here; if they were doing well they would have included the $ amounts for sure.

Looking back through the FY17 annual report:
Revenue: $576k
Admin and staff costs: $6.2m
Profit/Loss: $6.7m loss

Yes, $6.2 million for admin and staff, with admin alone around $3.7m. So I make FY18 revenue to be just $1.78m. If we tripled revenue again this FY I would feel a little more comfortable, but considering we are now selling off assets to stay afloat (sold off 70% of AJ Lucas Bio) I can't see revenue increasing all that much this FY, certainly not tripling.

From the last annual report:
"A key objective for the Company is to achieve positive Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) on a run rate basis, in calendar year 2018."

I note that there was no mention of whether we achieved this objective in the latest announcement. I would assume that, if they had reached this significant milestone it would have been trumpeted loudly by now, considering we are trying to raise more funds, so I can only assume we didn't.

I've seen this type of white-wash too many times before, particularly by these smaller spec stocks. Glossy presentations with lots of *qualitative* descriptions of how well things are going, but with a complete lack of *quantitative* numbers to allow shareholders to judge for ourselves how the company is progressing.

So, I'm unfortunately out of the cap raise unless they release estimated revenue and EBIT numbers. I like the company and its aims, but I'm not a charity.

So that's the "glass half empty" overview of the company. Perhaps someone else can present the "glass half full" side of the equation.