$3m @ 3c, page-35

Here's a quick stab at some answers.

1. As @retiredyoung pointed out that COGs % were too high.  Would estimate that receipts would need to be in the vicinity of around $2.5mil per quarter to get to break even?

The answer depends on COGS and overhead cost control. FY17 gross margin was 20%. Analysts claim CIO can get to 40%, I doubt that, but hopeful that they can improve towards 30%.
Operating costs were around $4.1 million in FY17. They need to reduce that. Will need to see the annual report to judge if that possible.
I think quarterly revenue will need to be higher than $2.5m to break even .

2.  Anyone understand what the massive goodwill impairment of some 2.5mil was for in the 4E?  It does not give details.  Is this in relation to the gold assets?

No not the gold asset. You can see the details in the Dec half 4D. In short "Following the write off of the product development and equipment in the cash generating unit, ICU Wireless Systems Pty Ltd due to the focus on the Connected IO business the resultant goodwill which arose has been impaired accordingly."

3.  Does this company purely get revenue from product?   Do they have a monthly maintenance fee per product? Or do they get ongoing revenue from their portal/SaaS dashboard?

I believe cloud management services are currently bringing in minimal revenue, but company looking to increase to around $100k per month within 18 months.

4. read in a broker report that performance options kick in if 15mil in revenue is achieved for CY2018.  Big stretch and a good target as long as they are then making a solid profit at this point.  However is that applicable to the whole 150 mil shares (there are 2 tranches)?

Two tranches, 100 million shares at $15 million trailing annual revenues by Dec 18 and 50 million shares at $25 million trailing annual revenues by Dec 18

5. I personally challenge the Free cash flow for CY19 given current COG margins.  But hopefully I am wrong.

This totally depends on growth and cost control. Management have stated multiple times that aiming for cash flow positive within 12 months. I see that is a stretch.

On cost control. I recommend using google maps to check out their modest HQ. It looks like they may be at least aware of sensible cost control.
On growth. With all the recent POs, $2 million this quarter, I expect my forecasts to be underestimating growth. I originally thought there was close to zero chance of CIO hitting the $15m CY18 target, now I'm not sure. But as you point out revenue targets are bullshit and can drive poor behaviour in management, cash in king. Show me the profits.