Ann: Quarterly Activities Report, page-2

Good to see a slowing down in burn rate. I have been nervous in previous quarters.

A few things I noticed:

In the 6/7 months since IPO ICE has spent $300k over the proposed use of funds for year 1.

Whilst ICE has been positive about the revenue Q4, the 19/20 financial year revenue is down almost 20% from 18/19.

How long before the staff that are working 4 days a week will be back to 5 days (20% increase ines) and the same for the Exec team?

IMO, there will be a heavy trimming of staff to save costs, especially if there are no plans for raising more cash. If ICE does raise, the revenue drop from 18/19 and current share price/valuation might limit their options.