Ann: LaserBond 2018 Annual Report, page-2

Not surprisingly there's not a comment on the AR despite the recent cheering.

While the revenue grew by $1.9m the COGS grew by $1.84m and inventory which is beginning to be impaired also appears to have hidden some of the truth. I would anticipate that further impairments will be seen in coming reports as inventory control appears to be slipping.

In terms of cash you'll note that despite despite a NPAT the cash balance has diminished, this appears to be a largely due to account management with the receivables having grown to 1/3 of revenue. Is this indicative of an increased carry of questionable accounts that will also be written off? On this trajectory I wouldn't be surprised to see them going to market for funds before the year is out and feel it was somewhat irresponsible to pay a dividend.