Ann: Market Update and Appendix 4C Comment, page-9

There is barely any Zoleo revenue recognised, invoiced doesn’t mean paid for and the subscription revenue will be small at first but is recognised in the joint venture.

so you have a business pulling close to $5m for the qtr, CF positive and trading on 1 x enterprise value once you allow for cash

Zoleo is all upside from here and the upside is a massive multi year runway of slow and steady rerate.

compared to any other microcap except for mining lottery shooting stars BCC is my pick for slow and steady compounding bags each year for the next few years