Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-84

to me this latest quarterly shows a growing backlog of revenue. there is a natural delay as 3dp scales up. large US companies pay on enterprise terms which can be 60-120 delay in payment from invoicing. also fiscal year/calendar year and asx reporting catch 3dp in a funny spot for rev. recognition- thus the lag previously identified.

also as a new vendor for most of the clients they have less than optimal procurement- difficult to get paid up front. but overtime as adoption grows and spreads the terms can be renegotiated for more favorable revenue recognition.

if/when they start winning US gov. contracts as a prime or a sub-contractor it will likely start out very small, but could become large very quickly on a program of
record. this will probably not happen until 2023 (us gov. budget starts in oct. of calendar year and spend is often locked in mostly. so the team will need to get into budgets in 2022 and will see contracts in 2023+).

like gf i am a large holder (sitting on 10x unrealized) and still waiting until 100x….patience will be rewarded.