Ann: Appendix 4C Cash Flow Report, page-4

With strong academic backing, and several years in the making, it certainly looks like a product which could be quite unique and differentiated.

Aided by a strong "societal surveillance" thematic, globally (as creepy and as eery as that is), it is not difficult to envisage this company being a lot larger than it is today.

In recent months, the market has clearly - and correctly - been fearful of another capital raising.

But the sales traction being demonstrated now will largely allay those fears, I think, and if any capital is required, it is likely to take the form of "Offence" (i.e., to fund working capital to support sales growth), as opposed to "Defence" (i.e., plugging cash flow holes while proof of concept is still being developed).

But if any additional capital is to be sought, it is more likely to be of the order of a few hundreds of thousands of dollars (maybe as high as $1m), as opposed to several millions of dollars.

.