Just a thought...., page-8

I meant q1 and q2 of the calender year.

$770,000 was released with the China Mobile announcement. I would imagine that as the ASX4C only deals with cash, your numbers reflect cash recieved, with the $770,000 representing total revenue.

Of course April revenue of $500,000 does not include the $300,000 from March. If it did it would be March + April revenue.

I would imagine that Interest component would be minimal. Depreciation would be of the switching equipment, as that is straight line (20% I think) it would be the same as last year, and Amortisation would primarily of the goodwill. I do not know what ASX/ASIC requirements are on goodwill, but it would have to be 500k at most (over 15 years is standard I think...)

All international telecoms is priced in USD. That is the default standard. Therefore, the only exposure the company would have is USD/AUD, and I am sure that the CFO/FD would know about the concept of hedging.

Valuation: Say the company experiances profit of $6 mill before tax for the calender year. What methodology do want? DCF? NPV? Say $6 mill equals around 5c EPS. Pick your PE ratio and you have a target price. And yes, any decent PE ratio (15 -17) does show a market cap more than the figure you suggested.

Fact remains margin is good, revenue is growing. I guess the half yearly's (with month by month revenue growth) will start to tell the story. Once some analysts get hold of this I think it will be interesting.