Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-10

Agree.

Financials ok. Nothing amazing.

In this environment, if you can't make money out of cyber security, there is something wrong. There are loads and loads of customers out there, ready to spend on cyber security, and not enough businesses to service them. Selling cyber solutions is like selling water to man (or woman) dying of thirst.

Ultimately, like any business, accountability for Tesserent's performance rests with the Board. Some tough questions should be asked at the AGM, and I intend to ask them.

I think Tesserent's next acquisition:

1. Needs to be a large, transformational one. ie 100m revenue minimum added to Tesserent's bottom line. Really push the boat out and go big or go home;

2. Be a cyber business that has significant Intellectual Property assets. All of the big, highly valued Tech businesses (ie Atlassian) seem to have Intellectual Property assets, which is what really bumps up their valuations and makes them unique. At present, Tesserent is really just a consulting business. Intellectual property assets are what is going to make Tesserent unique, and bump up the valuation.

I also query if Tesserent should be raising its prices for consulting services. In this environment, a 10-15% price increase shouldn't be an issue.