Ann: Q3 FY23 QUARTERLY ACTIVITIES REPORT, page-10

Agree - definitely a small but positive step in the right direction.

The last two quarters (July to Sept 2022 & Oct to Dec 2022) both showed nett cash outgoings of just under $6m.

And this quarter was just over $5m (which is over $900,000 less nett cash outgoings for the quarter) - despite over $3m lower revenue than the last quarter.

This reduced nett cash outgoings came primarily from reduced staff costs (Q1 - $17.69m, Q2 - $17.32m, and now Q3 staff costs is $15.867m).

So total nett cash outgoings have reduced from $29.68m (Q1) & $32.85m (Q2) down to $28.59m this quarter.

Matt Davey & co still clearly have some way to go to get BET back to being cash flow positive, but at least this report showed some small steps in the right direction.

Have a great weekend everyone