The upbeat and articulate letter from the CEO with terminology...

The upbeat and articulate letter from the CEO with terminology such as 'exciting', 'growth', 22% increases', 'significant milestones', 'record sales', 'flurry' of activity, 'success' amongst others is not backed up by the numbers - it's still a relatively small play and small cap that isn't (yet) moving the dial.

Was also concerned that the NPAT was worse than I had expected and when you dig into it you'll find that the YOY $3m increase in sales has been sucked up by 'commissions' - $1.79m, 'consultants' - $0.7m, 'consultants and professional fees'- $1.95m. 'Communications' expenses have also increased from $2.7m to $4.6m.

mmm. Nonetheless it is still a hold, however I wont be adding to my position at this stage - yet.

IMO and GLTASH