Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-135

Oh for God's sake if not for anyone else's.
Get a grip and be honest after reviewing the empirical evidence. Read through the last few quarterly reports and read the justification for the last two capital raises. then look at this graph:


Now, does that look like a healthy company that is professional and deliverers what they say they will deliver??

What do we have coming in the next 12 months? We have:
1. A delay in getting to cash flow positive relative to when they said we would be CFP.
2. Very little from Defence because following the strategic review it will take about 12 months before they tender large packages and make an offer - then add to that the time it will take for it to trickle down to 2nd and 3rd tier.
3. A capital raise which will be disasterous to the share price. If it doers get above 10c that will push it down back to single digit. If they don't cap raise they will need to borrow.
4. We should get some small contracts and perhaps some extensions to hopefully sustain current revenue.
5. Hopefully we may hear something out of the US based on the $3.5M for launching Kojensi in the USA.(Though I still think some of that will be eroded for opex like the previous capital raise.)

Now look at current depth:

About 5 times as many sellers as buyers and it's headed lower.

Take a look at the fundamentals - currently they don't look too bad but they are going to become ugly in the next couple of quarters if they don't pull a rabbit out of hat.

Market cap is now less than $20M. Something that really concerns me is that if AR9 is as good as we think it is, why has nobody tried to take it over when it's so cheap. An offer of about $50M would easily pick it up - many of the top 100 would jump at the opportunity to dump it for 20c/share.

It will take at least 2 years and probably longer for this to get back to 20c. If you are prepared to swallow the opportunity cost and cost of capital then you can sit comfortably, but please don't sprout about how this is going to fly very soon and make millions because it won't.

The Board has failed miserably in monitoring business risk.