Ann: Quarterly Update & Appendix 4C, page-60

Thanks for your response Roy - I really appreciate it.

The way I got to 137% was by taking just the revenue received from customers in calendar 2019 (about $4.5 million), then assuming calendar year 2020 revenue is $10.66 million (because ARR is currently $10.66 million). Yes the actual 2019 revenue number was higher than $4.5 million but it included grants so I took them out. 10.66 divided by 4.5 gives 137%, which would be how fast the underlying business is growing excluding grants.

But, I don't know whether ARR on the first day of the year must by definition be equal to or less than revenue on the last day of that same year. I'm interested into any insights you may have about how ARR at any given point in time forecasts statutory revenue 12 months in advance.

$13 million revenue for calendar year 2020 would be excellent in my opinion (assuming this excludes grants).