Ann: Appendix 4C - quarterly-AJX.AX, page-121

The working capital figures for the last 4 quarters have consistently been around $2 million each time.Working capital is generally used for sales.So if you have a working capitat figure from a couple of quarters ago this should have been a sale in the next quarter and collected by now.Why is receipts only $866k.This leads me to believe that the working capital figures include things such as admin or professional fees etc.These cost were quiet large in the half year accounts.Other reasons why receipts are not higher given working capital is that they are selling products at a loss or made sales for which they have not collected the money.