Ann: Quarterly Activities Report - December 2020, page-41

LC, I am a big fan of yours but surprised to see you pop up here. What's the thesis?

Take out the Govt Grant and it's still burning $500kpq. This is why I didn't buy in the placement @ $0.05 but to their credit the directors did.

it's had 2 CF+ quarters out of the 11 I am tracking and both were due to Govt money.

If they could throw together a couple of back to back quarters I'd agree they had turned the corner.

Personally I think the products are good but it lacks scale. Originally we thought there'd be Spectur camera's in every transport depot and mining camp in Aust, then on every beach. If we got one in every OnlyFans bedroom during the pandemic we'd be rolling in money

It hasn't seen a positive Substantial Shareholder notice since May last year. Just retail money hoping.

SP3
	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
Receipts from Customers $	0.877	0.827	1.22	1.22	1.521	1.506	1.493	1.188	1.413	1.032	1.116
		94%	148%	100%	125%	99%	99%	80%	119%	73%	108%
Cash Outflows (Operating Expense)
R&D	-0.028	-0.416	-0.054	-0.02	-0.002	-0.006	-0.014	-0.074	-0.079	-0.056	-0.042
Product, Manuf Costs	-0.435	-0.499	-0.763	-0.309	-0.239	-0.362	-0.493	-0.421	-0.297	-0.385	-0.535
Inventory		-0.44
Adv Marketing	-0.068	-0.066	-0.119	-0.075	-0.064	-0.063	-0.077	-0.079	-0.051	-0.051	-0.135
Staff	-0.603	-0.483	-0.867	-0.753	-0.893	-1.027	-0.829	-0.837	-0.859	-0.854	-0.833
Admin & Corp	-0.296	-0.351	-0.402	-0.238	-0.347	-0.517	-0.246	-0.255	-0.182	-0.285	-0.144
Govt Grant			0.396				0.323		0.188	0.323	0.345
Sum Major Expenses	-1.402	-2.255	-1.809	-1.395	-1.545	-1.975	-1.336	-1.666	-1.28	-1.308	-1.344
Reported OperatingCash Flow	-0.514	-1.454	-0.544	-0.19	-0.086	-0.53	0.14	-0.532	0.116	-0.325	-0.25

At an average price of $0.26 (last purchase 06/19), I'd dearly hope you are right.