Ann: Appendix 4C - quarterly, page-6

Read the quarterly report. They pay $80000 payroll tax a month. The March payment of $80000 was deferred into April. So they paid $160000 last quarter.

This quarter they pay as normal $240000 (3 months at $80000) plus the extra monthly payment of $80000 that was delayed.So this quarter they pay $320000.

The key is to look at estimated cash outflows for this quarter on page 4 of appendix 4C.

Cash outflows are expected to be $7.2 million in the current quarter. Revenue this quarter was $7.4 million. Will it be higher or lower as a result of covid?

They say they will lose around $200000 from events mainly in this quarter, plus some (unquantified) retail rostering reductions.They say the hotel related covid work helps offset "some" of the decline in retail. Note it is not "all" and there is also the loss of events worth $200000. The net impact of covid to date is thus negative by $200000 or more per quarter.

They say they are looking at other opportunities for covid related work. To maintain revenue they need them. Still not bad compared with many companies, but they remain only marginally profitable at present.