Ann: Chairman's Letter to Shareholders, page-10

Do u mean billed but not yet received like in this statement in 4E?

unearned revenue
(a balance within the Statement of Financial Position) was $13.2m (2021: $13.5m); a result of invoicing customers
their full fees in advance of their subscription period, a feature of Software as a Service (SaaS) business models.

Or u mean why cash receipts where also down in june qtr by $3m? In this case they also say delayed payments but the problem with this excuse is that the september qtr we didnt see any improvement and instead saw again a drop in cash receipts. To me is clear they also lost clients and havent been able to compensate the losses with gains. Could this be due to lack of staff to chase up small to mid sales and the staff they have is focused on larger more profitable clients which can take up to 6 months to finalise?. They mentioned this in one of their excuses for delisting. Hard to know what is true but my guess is its a combo of all 3. Loss of clients, delayed payments and lack of staff.