Ann: ImExHS Announces an important new SaaS client in Ecuador, page-42

I understand its not that basic but trying to work best with what metrics we get from the company without leaving it all up to guessing.

Based on my understanding of time taken to implement a deal once signed and generate revenues and how they calculate ARR based on the company's statement, I believe there will be a one to two quarter lag before cash receipts are at the ARR level of today. I.e. today's ARR of $4.36m implies quarterly cash receipts of $1.1m in June/Sept quarter. However, as the company signs deals (without giving timelines to go live) and makes one-off sales it will be hard to reconciliate.

Another note, as the quarterly states, there has been working capital spent on one-offs so I suspect that next quarter should have a cash receipts running above implied ARR. Its the cash of cash out in Dec Qtr to deliver and paid in March Qtr. What I have no clarity in is quantum of one-offs.