Petra Capital has initiated coverage of Alexium, page-73

Fair enough, happy to leave the recurring revenue argument. There is never just one viewpoint and either of us could end up being right once the final figures come out.

But back to the Petra's revenue figure. Even if recurring revenues were rising at a slower rate ie. only hitting the announced number on the days announced. It just means the non recurring revenues should be higher?

Take for example the December quarter. If we assume the recurring revenue was at $1.25 million per month, that means non recurring revenue was at $3.6 million.

If we take March Quarter recurring revenue as $1.25, $1.5 , $2 m that means $4.75 m in recurring revenue for the quarter. Add non recurring revenue of $3.6 million and we still get $8.35 million for the quarter? Petra's numbers still look terrible.

There has been nothing to suggest any slow down in the testing of our other markets so the revenues should still be maintained at those levels? There's definitely nothing in the expenses and cash outflow side to show any slowdown in product testing.

Military - still testing
Apparel - still testing
Polymers - still testing
Bedding - still testing, widening product ranges with Pegausus.
Coloured fabrics - beginning testing
Nascar uniforms - beginning testing
Transport - still testing.