Ann: Appendix 4C - quarterly , page-5

I had been hoping that receipts from customers would improve over the quarter - even without free WiFi. But, as Sharpshooter says, receipts from customers are $13,231. They were $14,386 in the previous quarter.

Can this disastrously low sum of revenue really be the case? After all, in the introductory statement to the quarterly GCN claims that: "cash receipts from customers improved by 18 per cent."

The answer is twofold.

1). GCN treats the ATO as one of its customers. Look at the footnote in the GCN accounts, where GCN adds an R&D Tax Offset Rebate of $218,136 to the paltry receipts of $13,231 from its real customers.

2). GCN compares this last March quarter with the March quarter 2011.

In both of these quarters, GCN received Tax Offset Rebates.

In other words, 94.3% of last quarters receipts from customers came from the ATO and receipts from genuine customers actually fell.

Dear oh dear.

Cash on hand and at bank is a figure that some viewers may find disturbing - $24,427.