Ann: Appendix 4C Quarterly Cashflow Report (Oct - Dec 2019), page-32

Number of sales finalised in the December quarter were zero, nought, nil, nilch, none, nothing, cipher, goose egg, nada, squat. zippo..... Keep adding your own words.

As I stated prior to the 4c announcement, interest doesn't count as revenue

Bank Deposits averaged $4.7m over the quarter
Assume an Interest rate of 1.4%
Interest per year = $4.7m X 1.4% = $65,800

Interest Revenue in the December quarter = $65,800 / 4 = $16,450.

Just re-reviewed the 2019 financial statements. I wonder if the Key Management will exercise their option on 30 May 2020 if the SP is below $0.30? This will be a test of character. What if the SP is trading at $0.15 will they exercise?


They've possibly delayed the December revenue to achieve the KMP (key management personnel) performance security requirements. They need two consecutive quarter of revenue of $1m. Pushing December's sales into the March quarter should enable this requirements to be meet by the cut-off date of 21 Sep 2020. This will need to be done in March and June as the September quarter falls outside of the time period.

They are unlikely to meet the Milestone 2 as that also requires 30 licenses to be issued.

They are highly unlikely to meet the Performance hurdle of $4.17 which is $2.75 * 1.5.





Until the KMP can demonstrate effective business skills they should reduce their cash remuneration by at least 50%. This would slow the cash burn by over $400k per year and realign the expenses to 2017. Unfortunately, the remuneration increase from $568k in 2017 to $1,152K in 2019 isn't supported by the underlying results.









KMP should be required by the company's constitution to personally acquire and hold at least $1m in current market value of TTT security. The only KMP currently failing this test is Richard Willson





Bring on the next AGM as there are enough retail investors to reject any increases to the remuneration plan. I'm obviously voting no to any increase, but yes to a reduction of 50% until you demonstrate some business acumen.