Just had a quick skim ... can only get better from here one would hope !
The devil is in the current liabilities vs last year
Unearned income of $3m is the clinical trial pre-payments for trial now ended, and in negotiation.
Expect these $'s to move to income soon ( ie. current asset ), plus additional funds to cover some of "Trade & other Payables " as I expect some of that is purchase of Xcel devices to cover trials. Inventory went up by $700k
However, I do wonder what the $7.4m in creditors is all about as it is very high .
Goods and services provided ? Legal fees yet to be paid etc.
Have we placed a pre-payment for Pulse devices that has been taken to book , or invoice from Andon for equipment or something exclusive for Pulse ... this seems high without an explanation.
Seems to be a big slice of the difference between this year and last from profit perspective
