If you strip out: - revaluation increment - depreciation -...

If you strip out:

- revaluation increment
- depreciation
- amortisation
- 325k cash NR deposit
- tax benefit

And include cash finance expenses,

FY 17 loss is circa $2.55million.

It would be great to see the balance sheet strengthen over the next 24 months. The terms on the NeolCP loan will force this to happen to some extent.

Management are doing an exceptional job. This is a very well run business. 3-5 years required (Peter Lynch style).