Ann: Annual Report to shareholders, page-3

A quick review of revenue vs costs over time (last 7 quarters) reveals that net cash remains negative and is potentially on a downward trend.

1st Group expects to spend $1.8m in Q1 FY19 but with increased revenue through on boarding customers from outstanding ACV. Therefore net cash for Q1 FY19 may improve to a loss of between $600-700k.

They have $1.25m in draw down available from Mr Plummer. On current trends this suggests they have 2-3 quarters left before either a) breakeven or b) the need to raise more equity.

We can be confident that if, or when, 1st becomes profitable that the SP would be significantly higher. Plenty of risk vs reward on offer.

GLTAH. DYOR.