Ann: Response to ASX Query Letter, page-308

Disclosure - I'm arguing for the sake of arguing.

Sounds like there are quite a few lawyers & loyal holders in this stock. I can't distinguish between the two, but further analysis into the answers & period in question (FY18) throws up the following:

ISX declares one-integration fees are immaterial (in their view & should not form basis for valuation) after misclassifying - yet they make up 50% of this particular year.
High Integration fees correspond with high COGS in anticipation of future revenues - to which there were none from the two large contributing clients who paid for integration.

I agree FY19 & early FY20 numbers look far more promising with revenues seemingly now recurring, but "we're fine now" is not an argument for discounting or pardoning past indiscretions.