Ann: Investor Update Presentation, page-4

Back of the envelope they are forecasting a $1m improvement by same time next year. They will have the OML  debt still, so forecasting $1m cash inflow which no doubt some of will be paying that down.

If they do that though and + the same growth the year  after they should be able to have retired almost all the debt (or refinance the remainder) and be doing ~$1m FCF   ..which for a $5m market cap seems rather cheap.

I don't think there has been many share-based payments this year, and they are guiding these figures after office rent expense, so the D&A would be over the screen network and other assets, but not their biggest lease cost.

@Fatporka on the call they mentioned revenue by location increasing in the call last week. If you compare to the deck last year, it looks to have improved significantly and they sound like more potential their.

Utililsation is a good question though. A previous presentation had some figures and the sports segment was 80% full (its also the highest rev per location which is nice), but health under 40% and cafe/venue much lower again at under 20%.

So if they can keep growing the revenue by location on top of incremental utilisation increases - there would seem to be plenty of room to build revenue on the existing network footprint.

There might be a few sellers left, but feels like the major holders that want out are now gone.  So the September update will hopefully be a call to let the market know everything is on track with a profitable year ahead.