There's some potential here if they can sort out their cashflow...

There's some potential here if they can sort out their cashflow (see audit notes from page 25). CRs in F19 and F20 resulted in a 60% and 200% (respectively) increase in the number of ordinary shares, with the corresponding dilutionary effect. With cashflow such a critical issue it will be interesting to understand how the CEO has achieved max performance-based remuneration ($540k) with two consecutive years of declining SP and net cashflow.