Ann: Appendix 4D and Half Year Report, page-17

I had a quick read, my take was that this was a good result. This is a new company, they are growing it. Companies without prospective income to pay for wages are not in full hiring mode like GSW. They wouldn't be hiring if they didn't have work for their new employees, which implies new clients coming on and continuing development of the product as well as implementations of it with new clients.

That was the major cost hit, wages and also administration. They have a solid amount of cash reserves, no need for a Capital Raising anytime soon, and if they bring on new clients fast enough and revenue continues to grow at the rate it has, there will probably not be a need for any future CRs.

It's a young company, there are always risks investing in one at this stage. But I believe that the risk is not from things like Class Actions, ASIC requesting documents, or a few clients failing to proceed. The risk is that they are unable continuing the momentum they have going with sales and revenue. And that momentum requires things like more staff (and more wages expense).

I don't expect an answer and don't want one from downrampers, so I pose it only as food for thought: would people really have been happier if costs for things like wages and administration had fallen?