SG&A, page-33

Agreed that the acquisition of THM has so far been disappointing and overpriced.

Huge debts - I think with their announcement today, it's clear that they only have AUD11 mn in debt.

I was looking at some past announcements and the expectation was for them to be EBITDA positive by AUD6 mn by March 31 2023. If they're EBITDA positive by AUD3 mn, as THM is not panning out as expected, then they would still have more than enough capacity to service the debt.

The intangible write-down is a non-cash item (again, it shows they overpaid for THM but won't hurt them otherwise).

Gross profit margins of 22% are actually not that high but that's where they stood the last couple of years. Agreed, that they have to lower their operating expenses, which is what they're doing now.

The financials later this week will be very telling, even if they dont show the full extent of the expected cost cuts.