Ann: SMA May Revenue Update, page-117

Thanks for your feedback Paul. I have checked the half-yearly and annual report documents and while there are differences (adjustments?) to the figures in the quarterlies, they are not large.

I also discovered that much of the discrepancy we were discussing was due to the receipt, on 14 Jul 2014, of $660,000 for licencing fees earned in previous years (perhaps the result of a legal settlement).

This, of course has the effect of magnifying the losses in those previous years and reducing the loss in 2014-15.

Leaving aside the $660,000 (which is reasonable if you want a true picture of 2014-15 operations and trends), and assuming that the $1.3M in receivables (identified in the March 31 Balance Sheet, as detailed in the Prospectus) is received this Quarter, then I still believe the full year loss will be between $2.2-2.5M.

The only way that won't happen is for Qtr 4 revenues to be significantly higher than $1.3M and/or for Quarter 4 costs to be significantly lower than the previous quarters.