Disagree.
Gross margins have been smashed.
Last year GM was 44.1%, now down to 26.2%.
1H Dec 2016.
Receipts from customers $666k. COGS: ($372). Gross profit $294k. Gross margin 44.1%
1H Dec 2017.
Receipts from customers $1.108m. COGS: ($818). Gross profit $290k. Gross margin 26.2%
Serious cash burn for "general and admin" $468k.
On top of that, all other expenses are up, up, and up.
How is that an "excellent" result?
Ann: Half Yearly Results Commentary, page-3
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