What's going on ?, page-11

Part 2. - Financials - My view of historical and forecast financials - I'm not sure if this will work (pasting excel document however I'll try



I actually think Mgt have mis-communicated the results when they say cash profits of $577k as this includes many expenses i.e. $400k in professional fees that related to the listing of the company and are therefore "one-off".

Therefore my view is that on a normalised and annualised basis, the NPATA would be just shy of $1m.

I've also included my conservative estimate of FY17 NPATA which comes out at btw $1.4m and $1.7m excluding any acquisitions.