What is more concerning about the projected loss is this:* After...

What is more concerning about the projected loss is this:

* After the $11.1M in writedowns and whatever, this means they made an accounting loss of $4.9M to $5.9M for the half year;
* The writedown of the Malaysian receivable makes me (again) question management credibility. Just because a project is suspended does not mean outstanding invoices do not get paid. NSW health department is notorious for taking extended periods to pay accounts - but there is no doubt they will get paid. Why would an international government not pay a legitimate invoice? Sure, it might get paid, but their approach and wording of announcement does not instil any confidence in process;
* Despite having over $40M of outstanding debtors at end June 2009, they have in 6 months managed to increase cash by a touch less than $10M. Does this mean they have actually LOST $30M or so in the past 6 months, but by capitalising expenses (oh, maybe it will be called development costs) they are trying to minimise loss??

I guess the accounts will answer questions ... but to date nothing said by this company gives me any confidence.

Gone from reading little for some months with no opinion to still being negative.

MJS