Ann: Quarterly Activities Report and Appendix 4C, page-12

Expenses (cash outflow) for the next quarter projected to be US$7.574m, which is an increase from the previous quarter. So I think it could be safely assumed that expenses will keep rising along with revenue (though probably not at the same pace).

Let's say they increase by US$1m each quarter (as per guidance for this quarter), then total outflows for cy18 would be approx. 7.5+8.5+9.5+10.5 = $US36m vs revenue forecast of $US19-23m.

Am I missing anything here? It still looks like they won't be cashflow positive on a quarterly run-rate basis till mid fy19 at the earliest.