Quarterly, page-29

All in all I think the report was in line with my expectations.

Still keeping eye on costs which are still quite high relative to revenue generation, which is approx 300% up compared to the 47% increase in revenue.

Assuming costs incurred are consistent each quarter, which they seem to be... we'll be burning around $21-$24m this year. Assume also that doubling the revenue reported in the half year represents annual revenue, and that it is 100% collectible this year, we'll be bringing in around 8 - 9m, meaning that net cash flow is approx -14m. We have ~15m on hand at the moment, and should receive another ~16m from the CR hitting the books. With nothing unexpected and revenue growth, I hope this shows that we'll be able to go another 12+ months without another raising.

All the calcs above were done in my head in a sleepy haze whilst having my morning coffee so don't take it as gospel.