Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-6

"Cash looks good, but benefited by an early customer receipt in 2024 vs 2023. The R&D is to be received latter in 2024, but overall the $4.2M cash balance probably is generous to the tune of $800K."

@discrete,

Makes sense given September quarters are always the strongest, with between 30% and 45% of annual receipts historically booked in the September quarter (represented by the green bars in the chart), so it stands to reason that a portion of the current quarter's usual receipts could have landed a few days earlier than normal.




And yes, with a large proportion of the market value of the company being cash-backed, and with that cash balance almost certain to continue to build going forward, the stock is unambiguously cheap.

Trouble is, because of the absence of organic growth, it is difficult to see what will cause it to cease to be cheap.

The only catalyst I can identify is the business being taken over. But for that to occur, KNO management have to want to make that happen, and I don't see that being the case.

So I fear continuation of the value trap that has existed for the year or two years.

.