Ann: EN1 Q2 2019 Preliminary Results Material Improvements, page-27

Hmmm. So, if we accept the throwaway line that tech difficulties (now resolved) have had an opportunity cost of $300k revenue in June, that means underlying revenue would have been approx $1.65m which represents a 15.3% month on month growth. Assuming that it was all from the LLC business, then that business would have had revenues of approx $1.51m which represents a 13.1% month on month growth. Noting that Adcel, without notes, exemptions, adjustments or excuses posted a 45% month on month growth.

However, the $300k is really just unsubstantiated hearsay, and putting it aside, the consolidated and LLC revenues show a 5.6% monthly decline and 9.3% monthly decline, respectively. The '$300k' is a very material amount, and I am perplexed why this is the first we are hearing about it...unless I missed something. Moreso, when there has been other official communication as well as multiople unofficial social media communication, that has not even tangentially referenced this very material impact on June results.

The narrative has been enticing. The seeming disconnect between narrative and results in this month, is disappointing. To say the least. I suspect individual sentiment will determine whether one focuses more on the claimed underlying trend or whether one focuses on the disconnect between narrative and results.

All IMO & GLTA.