We have had a significant number of new contracts between 1Q20 and 1Q21. I wouldn't be surprised if invoices are around $1.8m as the last two years have seen Q1 invoices trail the previous year Q4 (see below). Cash flow i tend to agree that -200k seems about right given the quarters history for high outflow. All of back of envelope calculations so i guess we'll see.
All Time High, page-34
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