Ann: Appendix 4C - Quarter ended 30 June 2017, page-109

Completely agree that post of Fudgy's was a great contribution to the forum, but that is simply incorrect about SMA running out of the money in the June 2018 quarter.

They had $621k in the bank at the end of June 2017, before raising $600k from Chinese investors.

So $1.2m cash + approx. $1.9m remaining of Lanstead funding arrangement (after allowing the $488k impairment due to low SP) + $2.2m of outstanding receivables from China Mobile and other entities, which they may or may not collect. However, they do appear to have collected $600k of the outstanding amount since January, which was previously stated as $2.8m owing in the half-yearly report.

With cash burn last quarter of $532k, even assuming no growth in revenue (when it is growing) and no cash collected from China Mobile, they would be at approximately the same cash level as they are now, by the end of the June 2018 quarter. Cash on hand would be slightly lower if the SP remained at these levels for the next 9 months.

I expect the new board will also enact tighter control of spending, but that remains to be seen until the next set of financials in 5.5 weeks.