Ann: Appendix 4C - quarterly, page-62

Cash receipts don’t lie and I would have expected $8-10 million based on last quarters ‘sales’. Red flag here to actual cash received, they may claim sales are $50 million but only received $25 million for the year?

By now after steady quarters of growth the cash receipts should be more in tune, isn’t it a monthly billing type business anyway??

Much spider analysis needed but possible they are booking revenue and some of it will never be received or clients leave and will be a write back in accounts, or the quarterly sales are overstated in the end. Management don’t want to say this now as they are hopeful of more wins and it won’t grow to be an issue.

My further concern is this company seems stagnant now, product is not really selling itself, wages are massive and growth sluggish. Acquisitions only thing they can do to mask poor growth and get to grow. Profitability seems a long long ways off.