I think your gut is spot on..
But i also think they are heading in the right direction. They did have $474,000 in recivables due just for the month of march so one would hope they've generated over a mil.. IMO the ASX crack down on how compaines report signed contracts has really affected CRO but once these issues are sorted and the runway cleared CRO will fly...patience is needed..
Contact with management, page-5
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