Yes, I am well aware that the $10 million cash isn’t actually...

Yes, I am well aware that the $10 million cash isn’t actually all from revenues for contracts fulfilled. The last quarterly resulting in the pump to 5 cents clearly had a few million received in advance for projects not yet completed (somewhat unusual as usually it’s the opposite where the work is done first) and this was why the P&L didn’t quite live up to the expectations after the amazing cashflow in the quarterly.

So the net assets are only a couple of million for WSI but the $10 million cash is super important because it allows for cash flow to complete big projects and to tender for ever larger contacts without needing more debt/equity.

Dilution destroys shareholder value. That’s why I’m investing here — no further dilution. The capital raising at 2 cents is the only reason we can all buy on market right now down here... for how long though?!

Imagine all of this next year...

NPAT FY20 $2-5 million
Bigger projects being awarded
No debt, plenty of cash
Maiden dividends being declared
Strong growth trajectory
Forecast NPAT FY21 $3-8 million (depending on growth rate)

And all of a sudden 10 cents or $60 million market cap doesn’t sound unreasonable at all!