Ann: Quarterly Report, page-78

The Q4 2021 4C release was always going to be the low point SP wise. The cash burn was always going to be $1.5M due to incentives etc.

Q4 2021 revenue exceeded my forecast of $930k & was $1,027k is very positive. Revenue for June appeared to be circa $480k.

PMOC increased by $13,844 in Q4 2021 while revenue increased by about $279,000. Revenue was higher than PMOC unlike previous quarters when PMOC was higher than revenue. An additional $144k was spent for advertising in Q4 2021 for B2B Market launch. Staff costs increased about $300k for the quarter & admin costs about $121k. All the new hires have added significantly to staff costs but you need to invest in the team to grow the business.

I prefer to be burning cash & growing revenue from $4M run rate now to $21M run rate after the acquisition in leau being cashflow positive. The PWG acquisition will increase revenue by 425% YOY. DW8 will continue to grow at 400-500% pa via acquisitions so forecast revenue for FY2023 will be circa $80-100M. DW8 is a hyper growth company as we have seen since launch in November 2019.