Ann: Record Quarter Q4 2019 Appendix 4C & Commentary, page-30

I think this might be my first slightly negative post about EN1. I could be wrong but here we go anyway. Topic: Normalised Net Cash from Operating Activities. Umm... ok... good to see the up and up but seriously, I'm a little bit irked? I know the US use GAAP instead of IFRS (like the rest of the developed world), and I know literally "Net0" about GAAP, but I would be extremely surprised if there is a standard in there that says it is ok to consider Prepaid Assets and Receivables as the "same as cash". That statement insults my intelligence, and I am not the smartest of cookies. Additionally, Prepaid Assets are journaled to COGS upon event. So if you're going to do a Normalised Cash Flow Statement by adding back the pre-paid ad inventory, then you should also take off what the opening pre-paid ad inventory balance was at the start of the quarter. This being because the previous balance can assumably have been utilised this quarter without a current quarter effect on cash. Which in this case was 978k vs 903k for the current quarter. 75k more than Q4. So starting at 1.645M as stated... take off the 643k of invoices that can be factored (because it's ridiculous) and that gets us to a 1M. Then take off the 978k of Sept19 prepaids and we get a normalised of around 22k. To me, that is a transparent, expected and useful figure to disclose. Full disclaimer, I'm still a big hopeful for this company, I just sometimes get the feeling they think we all have the IQ of a shirt button. :/