Petra Capital has initiated coverage of Alexium, page-63

I take it from the same sources, from what they announced in their quarterlies. I just don't agree with your interpretation of what they announce in their 4C.

If you read the cover page of the December 2016 Quarterly

Revenue of A$7.4 million - referring to the December Quarter
Cash Receipts of $5.3 million - referring to the December Quarter
Monthly Recurring revenue rising from A$1.25M to $A1.5M - are you suggesting they suddenly refer to January when they've been reporting what happened in the December Quarter?

If you read the cover page of the March 2016 Quarterly

Cash Receipts of $A 6.6 million for the March Quarter.
Revenue for the March Quarter grew 425% over same period in prior year.
Average monthly recurring revenue now exceed A$2.0 million per month. Are you suggesting again that they aren't referring to the whole March Quarter but to April or even the single month of March? But if thats the case wtf do they mean by average if you are talking about a single month?

And I'm not suggesting revenue in March is $2.5 million, its just an illustrative example using the $1.5 million recurring revenue figure. Eg, I'm expecting January to have already improved on Decembers $1.5 million so to get an average over $2 million it should look like Jan - $1.7 m Feb - $2 m Mar $2.3 m.