Ann: Half Year Update Presentation , page-2

My thoughts from the results:

They are executing on strategy, however this now appears to be a FY16-17 story for breakeven. This timeline will be too long for too many, and we're seeing that with the trading over the past couple of weeks.

The ballooning wage costs if a bit of a concern. The technology is suppose to work best at scale, so why have they needed to double wages to increase revenue? Even ignoring the resumption of the employee share benefit plan this is way higher than it should be without providing holders further explanation.

Also didn't really like this for the presso pack "Proven shareholder support and capital raising ability places the company in a strong position relative to its peers to compete for capital in this restricted regulatory environment". Reading between the lines I'd say another raising was on the table during the year.

I'm very surprised to see the value of the IP only recorded at 7m. This is undervalued imo.

Bottom line for me: Market leading technology, red hot sector (concessional caps just got increased to 30k!), executing on strategy (albeit slower than many would like), plenty of cash (for now), low debt... a 59m market cap doesn't really make sense. This continues to be a very juicy takeover target for a bigger provider with a legacy Platform looking to upgrade for cheap.

Will look to top up once we breach $1, but it's going to be a wild ride for the next 12-24 months.

Good luck to holders.