Preso, page-8

Marjan did explain the lack of customer receipts - for clients using fee for service without Clinic in Cloud - the average payment time is around 5 months. And it is still a 3 month average payment time of 3 months for clients using clinic in cloud.

The above definitely explains partially what's causing the endless capital raising. As the number of patients using Respiri RPM services increases, Respiri has to hire new staff, and the revenue they help generate won't be received for over a Quarter. So unfortunately the only way to pay for growth over the short to medium term while waiting for payments and cash flow positivity is capital raising.

Marjan didn't directly address the endless capital raising, but other factors that he mentioned in the preso that contribute to the capital raises probably include:

- The delay in finalising the risk share agreements. He's saying they're targeting late 2024 now, so it'll be over a year since they said the first risk share agreements were 'imminent'.
- The risk share agreements also include quite a bit of 'downside' risk, which Respiri will probably need a capital buffer for. I'd imagine that some of the delay in finalising the risk share agreements is due to Respiri needing to make sure it has the financial and clinical capabilities to handle those risk share contracts without going under due to a major mishap.