Ann: Placement & Share Purchase Plan, page-6

The announcement says Directors are applying for 6.2 million shares worth $185000, conditional on approval at the EGM.

We got $1 million in revenue in the first quarter and the statement says there are $1.5 million in un-invoiced orders and potential purchase orders in the next 4 months of $5 million. Presumably we have already received some cash payments this quarter as well. That suggests we have a base equal to just over last years total sales of $7.3 million, plus any new orders in the second half on top of those already expected, plus the usual R and D payments ($1 million last year) and the Woodside deal. We are making progress, but are a long way from even breaking even.

I always viewed this as a 2-3 year journey so I am comfortable waiting, though not putting new money in.