Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-70

FYI - Using 4C figures. Figures are approximate. If ship runs lean & business performs CR can be avoided until cashflow positive, however, may require some funds around May 2023 if they use some funds to purchase capital equipment and staff costs rise. Alternatively a larger supplier or two will alter the figures significantly and/or another warehouse can be flipped.

Current quarterly expenses are circa $6M & will be reduced $750k to circa $5.25M per quarter. $8.75M revenue x 60% GP = break even when $750k per quarter expense reductions are realised.

Market looking ugly for tomorrow so may see high 2c's. Keep the big picture in mind during the turbulence.