Ann: Hedge position realised for $17.8m upfront, page-6

So if FY22 other expenses remain the same in FY23 we get:

Baseline:

• $27m revenue
• > $4.59 gross profit (17%)
• - $14.7m of other expenses in FY22 including $1.3m director fees
• = net loss of $10.11m (before any bad debt write offs)

Forecast:

• $40m revenue
• $6.8m gross profit (17%)
• - $14.7m of other expenses in FY22 including $1.3m director fees
• = net loss of $7.9m (before any bad debt write offs)

Thats a lot of cost cutting required (more than 50% and without the director fees decreasing I’m guessing) and asap to not require a cap raise with $3m net cash available.