Ann: Quarterly Activity Report & Appendix 4C, page-17

Forgive me for being an idiot but ... but would someone please explain to me the significant difference between the cash receipts and reported revenue?

4C reported cash receipts for Q3 FY24 is $645k.  
Management commentary "revenue for Q3FY24 $1.61million"

I have a basic understanding of cash versus accrual accounting, so I get that there may be a lag between booking a sale and actually receiving the payment. But I still can't get my head around this:


FY23 Q1-Q4 cash receipts from customers:  $1.873m
FY23 Q1-Q4 revenue (see Figure page 2): $5.512m

FY24 YTD Q3 cash receipts from customers:  $2.438m
FY24 YTD Q3 revenue (see Figure 1 page 2): $4.908m


So, for 7 quarters, FY23 + FY 24 YTD Q3

"Cash Receipts" (4C) :  $1.873m + 2.438m = $4.311 million
"Revenue" (Figure 2) : $5.512m + 4.908m = $10.060 million.

Where's the missing $5.7m difference? That's a big chunk of accounts payable.....