I think we can break down the figures a little.1H revenue was...

I think we can break down the figures a little.

1H revenue was $4.371 million (1H accounts).

10 months revenue to 1 May was $8.293 million - including WM since 1 January (according to the notes).

So the last 4 months revenue was $3.922 million. The question is how much of this was WM?

WM annual revenue is circa $6 million per annum "historically". It seems reasonable to assume that January to April (inclusive) revenue is 3.5 months out of 11 (alllowing 1 month out for the Christmas break) - i.e. at least $1.9 million. This assumes minimal rounding in the $6 million figure and no material loss of revenue as a result of WM's malpractice issues.

That means that existing AFL revenue was about $2.022 million for four months.

Given that Q3 revenue for 2020 was $1.66 million (for three months) this may have been disappointing to some investors and this may have been behind some of the selling today.

I am interested in the thoughts of others - have I missed something?

I am still a fan of AFL in the medium term but maybe my short term expectations were a little too high?

One question that I can't answer is how long it takes to convert an internet lead into a client into billable fees and then into cash?

L2

DYOR etc....