Ann: Appendix 4C - Quarterly, page-15

Okay so people moaning about the CR either get over it or sell and move on. No point in driving yourself crazy something you can't change or have no control of.... Tomorrow we will find out more. I'm guessing the R&D budget is going to increase substantially for FY20 due to all the trials. Bio tech companies can claim 45% back from their R&D activities. As shown below from the FY18 4C $10.38m was spent on R&D and I have attached below the 4C that BOT received $4.6m on the 23rd of November 2018.






So for this FY19 4C the R&D spend was $15.89m @ 45% rebate we can expect BOT to receive $7.15m around the end of November. So BOT has $4.7m as per the latest 4C + the incoming $40m + $7.15m = $51.85m



Administration and corporate costs have remained relatively flat YOY. Staff costs have doubled from FY18 to FY19 and I expect this to double again for FY20 as more people join the team. Staff costs are relatively low considering this could be a multi billion dollar company in the making. The R&D budget will increase substantially this FY due to trials etc, the company will obviously be able to get 45% rebate for FY20. If R&D budget increases to $20m for FY20 and staff costs increase to $1.5m then there is going to be enough money to last at worst case year and a half from now. 45% of $20m R&D rebate for FY20 equates to another $9m.

I think raising $40m in the long run will be a good move. 1. It is costly raising money and doing it less often can be more beneficial. 2. There's a sheeetload of cash now so if there are any good announcements coming up then the momentum won't be stopped due to having to raise. 3. It shows that the company aren't relying on a TO, relying on TO is a terrible way to do business (shows weakness and lowers bargaining power) and now they can negotiate the terms if there is licensing deals etc (they don't look desperate for cash).

Tomorrow we will find out more.... If anyone has any other positives or negatives to add let me know. Good to weigh up the pro's and cons