Thanks djwally, Just on the "free cash" point - is this really...

Thanks djwally,

Just on the "free cash" point - is this really the case? I understand that they are making money on the installed base (well losing just $65k in the last 4c on Operating Activities).

But surely a large part of their committed expenditure is the cost of converting units to have an Embedded Network? I can't fully get my head around their accounts yet (hopefully someone is out there who can??) but there is an additional $879k in the last quarter for "Cash used in Investment Activities", which I attribute to the cost of conversion of new units. In the accounts this seems to go under Intangible Assets which get written off over a number of years. (But I emphasise I'd love to understand these accounts a bit more!!)

I actually don't see them turning a cash profit until about FY2021, perhaps FY2020 if they sign up more than my somewhat conservative forecasts.