Ann: June 2016 Quarterly Report and Appendix 4C-YOW.AX, page-2

I dont want to be negative but this is very bad on a number of fronts. None moreso than the change AGAIN in the way they are communicating? Where is the Retail Sales Value?

Looking at the numbers;

1. 3m sales for the quarter is DOWN 25% from March quarter!
2. 5m in annual staff costs. This has gone up from 763k to 1.15m in one quarter which is a 50% increase and that doesnt include the recruitment fee for CEO and CFO.
3. Working capital - as expected up 200%

They have attempted to dress this up big time but as expected this quarter is a disaster and more of a disaster than any of our discussion have previously said.

I am happy to be proven wrong but this is a game of sales and margin and both are moving the wrong way at pace.