Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-28

Correct, typically there is a lag between sales and cash receipts which is dependent on the trading terms. So cash receipts can really be anything quarter by quarter, cash receipts can lag sales due to payment terms or be in front of sales in the case of prepayments and bringing in cash from late payments. The cash flow report is just that, it shows how well the business is managing cash in to meet its operational cash out.

If I was running a business like this I would be looking for contracts with prepayments. Contrary to your belief, it is common for such payments for specific contract manufacturing and where products are exported. I wouldn’t be sending a shipment overseas without full payment. The customer should take on all risk from point of shipment.

If you look at the 2022 annual report it is very clear that Halo take prepayments for contracts as noted under Note 19. This is a cash receipt but not recognised as a sale or revenue until product is delivered. You will see that this amount has increased significantly in 2022 compared to 2021. Again this is good business sense.

Hopefully this helps to open your eyes to look at things properly instead of just make statements about the business which are just your opinions or 5 cents worth as you say. Don’t get me wrong, you are entitled to your opinions, but at least make sure they are founded and warranted. There are elements of this business to like and holders deserve to have their investment protected against generalised comments on forums like this.