Ann: FY22 Q4 Quarterly Activities Report and Appendix 4C, page-31

I think cash receipts last June was especially high as I remember the CFO at he time saying they made a massive effort to chase up outstanding debtors. This was also following a poor quarter of cash receipts in March 2021.

If over 60% of the debtors have repaid now, I can only assume it may be from government departments who although have budgets to incur costs, may have ran out of cash by June 2022 to make payments. They would therefore be waiting on the next round of cash draw downs in FY22/23 to make payments.

My big concern is lack of growth but increase in new hires? When will we see the returns?

However $50m MC with ARR of $65m is insane. This is a result of over promising.