Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

Aarh the quarterly. Not horrible, but filled with so much frustration.

Key lines:

Revenue - dropping, but expected based on COVID circumstances in China. Pleasing that it remains above 3M, but trailing 4 quarterlies look like this... 4.7, 4.2, 3.5, 3.3. Dropping, but not dire. We need to consolidate top line as China re-opens and things get back to normal.

Cashflow - somewhat pleasing. Cashflow seems to have consolidated and flattened, which might indicate that margins are decent and we could be in a better position to be cashflow positive if we get some extended top line growth. Trailing 4 quarterlies (operating cashflow) look like this... -666k, -663k, -282k, -275k. Getting better despite revenue dropping.

My frustration is at the quarterly presentation itself. Again it's lacking specific details, Lots of macro stuff, lots of discussion about "China", but very little about actual RLG wins or anything that can give you confidence in the future. No forward looking statements. The things we did hear about RLG (specifically):

> Increase in visitors to Pharmacy and translation to a 50% sales increase in December - yay!! about the only thing specific in the report
> Mention of Santander (again), but nothing about actual wins, just 34 short listings and an online webinar - sounds like spin
> Mention of VORA (again), but nothing about specifically what we are doing, sales projections, etc. - just to say it's an "opportunity", who cares?
> Random mention of FDEA partnership without much specific context, no idea what to make of this.

Last comment, the earth sitting in an avocado is ridiculously stupid.

Looks like we'll need to keep waiting on this one. Patience is a virtue here.