I have run some numbers on the Profit and Loss contained within the Prospectus for the Capital raising. They were quite helpful in publishing the 9 month year to date figure, so I have been able to strip out the 6 month YTD numbers to give the P&L for the March Quarter.
Column 1 Column 2 0 Q3 1 Revenue $939,014 2 Cost of sales -$556,105 3 Employee benefits expense -$324,881 4 Depreciation expense -$2,502 5 Audit & Tax expense $74,852 6 Capital raising -$14,007 7 Occupancy expenses $68,322 8 Legal expense $76,718 9 Share based payment -$12,000 10 Other expenses -$441,189 11 Loss before income tax -$191,779
Their Cost of Goods Sold has reduced from 92% as at December to 59% for the Quarter. This Gross Profit margin should reduce going forward as they build up their recurring income and so don't incur any more selling expenses on these sales, but lets assume that it remains constant going forward. Lets also assume that their costs in the March quarter are representative also. Based on these numbers they will need revenue of $1,420,000 per quarter to break even or $473,000 per month. Their last lot of revenue was $357,000 and based on the run rate, they should hit the $473,000 breakeven point within the next 2-3 months. After that they are profitable. Of course these numbers improve if they are able to build their recurring volumes as well as overall sales revenue, but I think that they are very close to being profitable and cash flow positive.
Just my opinion.
Vested Interest & other matters, page-18
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