CM8 Is it ready to take off?, page-2

Balance sheet and cash flow are better than my expectation. Profit and loss in line with my forecast.

This will surely and slowly move up in the next 12 months. The drivers would be:

-debt repayment. Reduction every month with convertible note paid off by Feb next year

-hopefully no more extraordinary one off costs and no more excessive rights and share issues until sp recovers. This should positively contribute to npat

-we don't have the details but it looks like a large chuck of amortization costs will be extinguished by jun16 (customer subscription). This should contribute to a good npat number.

- subscription to grow - this could go either way but if it grows then this will fly