Delhi Planning Water Reuse on an Epic Scale says Fluence article, page-27

As for the chart adjustments to stock splits and bonus issues to FLC, I think very little relevance as we were a start-up; and even after the merger due to loss making attributed to high SG&A. Concept of dilution IMO is academic until we have real profit to speak of. Besides, all 4 CR were at priced way higher than the NTA.

Happy New Year and welcome to the torture club. Your entry at 22.5c would probably put you ahead of many of the long term suffers.

Just to put it in perspective from your first post on FLC, the story of the ASX listed FLC only began on 22/12/2015 on the RTO of SAV to form EMC. So the lofty $10 figure doesn’t apply here. The RTO was at 20c and raised about $13.8mA bit of CR history here:

In July 2016, A$31.6m was raised issuing 49.4m shares at 64c each;

Merger with RWL to form FLC happened mid 2017. 100.5m new shares was issued to RWL’s shareholders in exchange for the assets plus US$10k for 28.1% of FLC. In addition, another US$30.9m (A$43m) was issued at 84c to Ron Lauder’s affiliates and Capital Group.

2018 saw a CR plus SPP at 37c pulling in A$36.5m and another CR plus SPP at 44c in 2019 raising A$38.4m.

Total cash injection since EMC RTO amount to A$163.3m (about US$114.31m).

Just for the last 3 years after the merger,
SG&A for 2017 US$24.2m Research $6m
SG&A for 2018 US$37.4m Research $7.2m
SG&A for 2019 US$35.4m research $4.7m

Operating Revenue
2017 33.1m
2018 100.9m
2019 61.0m

Cost of Sale
2017 27.2m
2018 66.5m
2019 51.5m

Gross operating profit
2017 5.9m
2018 34.4m
2019 9.5m

3 year total
Gross profit 49.8m
SG&A 97m
Research 17.9m

Operation Loss before impairment 65.1m

Impairment in 2018 of US$56.3m was for the intangible assets written off that arises from the merger. The books does reflect the assets that we are carrying now. We got to bear in mind that Ron Lauder had spent in excess of US$165m on RWL prior to our merger.

I believe 2020 is the pivotal year for us as we are seeing $32m sales in SPS; recognition of previous design work done at Ivory Coast plus more work done in 4Q plus other projects around the world.

In 2021, SG&A will be reducing, and after de-emphasising the CES segment, we should see SG&A going down further; 3 less directors to draw fees on; and a focus on higher margin segment (SPS at 30-40%, recurring at about 50%).

What I am hoping to see is traction on the decentralized water and wastewater treatment. This is the area where we are way ahead of the curve in comparison to our 2 other competitors on MABR.

As for our production line for MABR in Changzhou, a full 1 line capacity production would give us $70-$100m revenue. If we embark to roll out a second line, we are home.