Haven't followed much since WHK listed back in January at 20c,...

Haven't followed much since WHK listed back in January at 20c, but I do remember the story:

- CY2018 revenue target of US$8.3m (US$600k of contracts signed to date back in Jan)

- 27m performance rights vesting at US$2m, $5m and $10m revenue milestones - and SP 40c, 60c and 80c, respectively - within 5 years (4m to directors, 10m to employees, 13m to corporate advisor)

- 72m shares to be issued to the original US investors (3 x 24m tranches) on same terms as the performance rights

At the time this US$8.3m revenue target was announced, WHK only had receipts of US$86k for the previous 12 months. I saw this target - along with the difficult vesting conditions - as strong confidence in growth for 2018. Darren Carter also increased his position on market from 2.93% at time of listing to 17.88% at last notice - seemingly also very confident.

We're approaching the end of CY2018 now and receipts from customers is only US$263k to the end of September, although growth last quarter was 224%, following 354% the previous quarter (and -32% before that). I'm not quite sure how WHK report revenue vs receipts, because on 8/05 they announced US$325k of revenue "generated" in May alone, and US$1.325m of revenue "under contract" for CY2018.

My "hope", and reason for taking a sizeable position today, is that pilot contracts signed earlier in the year are nearing an end and a big revenue announcement is coming before Christmas to justify the bullishness seen on display back in January, followed by another significant quarter of growth in the 4C receipts.

Those performance targets being met implied a MC of A$150m fully diluted (at IPO), a long way from today's MC of A$5m. Granted, they did allow 5 years to achieve them.