Ann: Q1 2019 cash receipts grows 25% versus Q4 2018, page-8

Yes you are right. Only 20% growth on the prior corresponding period... this was well short of what I was expecting (or hoping) which was 30%.

Assuming the costs are the same as 2018, they will need around 35% growth each quarter over the PcP to make it to breakeven without the use of debt or additional capital.

For me, the 2019 Q1 results suggests that this is going to be a a tough ask.

"“A$2.6million in unaudited revenue for the first quarter, an increase of 30% compared to the same period last year”. - I am not sure why they brought this into focus, without context. I am suspicious this is just management trying to find a way to talk up its prospects.

Others may have a different view, but I think they are struggling to make it to cash flow break even.

The only thing positive is the share price - remarkably it's managed to hold up above the options price of 20c! They really do need that cash to give them that headroom.