Ann: September 2015 Quarterly Report and Appendix 4C, page-31

I agree. Retail Sales Value (RSV) of US$4.8m is not our sales revenue.

RSV for Sept quarter = US$4.8m
Assumed average sale price in store = US$2.5 per unit
Units sold = 1.92m
Yow revenue per unit = US$1.4
Yow potential revenue for sept quarter = US$2.688m
Yow receipts for sept quarter = US$1.811m
Percentage receipts/revenue = 67.4%

In the figure below I have plotted working capital, receipts and RSV in AUD. As you can see, the trend lines for receipts and RSV are both growing in tandem as the working capital trend line is not growing at the same rate. That is what we want to see on our pathway to profits. The large spike in RSV in the month of September is very encouraging although need to remember the Aussie depreciated by roughly 8-9% in the sept quarter.

Overall I am happy with the Sept quarter results.