Ann: Appendix 4C - March 2018 Quarterly Report, page-6

Could someone help me understand how PIQ will be 'cash positive' - looking at the results the OPEX is close $1M just for this quarter alone?

Revenue was $206k.

R&D Projection for next quarter is guided at $450k - assuming this normal quarterly spend.
Carrying over Staff and Admin at nearly $300k
Carrying over Manufacturing and Marketing at close to $100

So we have a general run rate of around $850k per quarter.
Revenue needs to be at least $800k per quarter? ??

	Column 1	Column 2
1	R&D	-$ 479,000
2	Product manufacturing	-$ 67,000
3	Marketing	-$ 19,000
4	Staff Costs	-$ 131,000
5	Admin Costs	-$ 161,000
6	Other costs	-$ 108,000
7	Transaction costs	-$ 12,000