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likewise your assumption that the opex is going to increase merely because there's a new client group signed up is amateurish and naïve at best.
Staff costs have been stable for a long time
R&D costs have been reasonably stable too (note they're offset by the R&D Tax Offset rebate)
What new staff?
What Singapore costs?
The company has said they're seeking to expand to SG market, but haven't given a clear timeframe for that. You're assuming they'll do it in the next 1/4 or 2 based on literally zero information to support the theory.
Ann: Spenda Platform to be rolled out to Carpet Court, page-192
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