Ann: Market Update - Q1 March 2021, page-21

In March last year PET claimed (before the cash raising of course) that the non-Chinese pipeline was $100 million. A mirage.

The total revenue in 2020 was only $6.8 million, roughly split 50/50 between China and the rest of the world.

Only $105000 in revenue from customers last quarter, though that is the northern winter with covid as well. Sales are stated at $700000 (presumably the cash will be received in the June quarter) plus the $500000 from Xingyun, So on what is stated the June quarter will have outgoings exceed revenue by a large margin as well. There is no evidence provided that projects outside China will rapidly ramp up to cover outgoings running at near $4 million a quarter. Are there any projects earning in China? What new orders have been obtained elsewhere? Evidence of progress is in short supply.

Mickem does great work identifying projects, but the company needs to start publishing an order book. Otherwise who will invest in a company with nil future transparency, rapidly running down its remaining cash? Without the cash raising last year the company would be history already.