Ann: March Quarterly Report & Appendix 4C-DUB.AX, page-9

This does not read well. Worse than I expected. Still no report of the current subscriber numbers
180k receipts which includes bank project revenue (some of us expected this to be 500-600k).
As predicted (unfortunately) it was 2m in payments (up from 1.69m in last quarter)
So burn increased as expected; SEP burn 1.2m, DEC burn 1.5m and now MAR burn 1.8m.
Looks like the DUB business model is built around getting R&D refunds rather than revenues. If this refund didn’t come through they would barely make it through the next quarter. No more tax refunds until next financial year.
Still on track for another CR following JUN quarter (based on 4.1m cash on hand and burning 2m a quarter).
Considering the 1.7m revenue from Big Bank project was due to hit this quarter the 40% increase in receipts seems awfully low. So I’m guessing something is a little off on that project and things not panning out as announced.
I see the UK opportunities have been downgraded to “near term” now, as opposed to being in the final stages of signing as previously reported. Seems UK hasn’t gone as planned either.
Of all the recent MOU activity and partner announcements there are no substantial customers yet (other than 2,000 voice factory which was actually announced 7 months ago). This is a real concern. What are the 7 or so current partners doing? On the Singapore deal I’d be interested in what the price the 20,000 subscriptions over 12 months has been agreed at? I can guarantee they aren’t going at $10/mth or $6/mth for that matter.
I expect some sort of announcement to come out on Monday to cover over this poor situation.