Ann: Appendix 4E & 2023 Annual Report, page-4

A quick look-over that report and based on what I see the share price should be considerably higher than where it is. Company probably need a few big contracts to materialse all the hard work and achievements into the share price. The cash at end of year I thought is a bit low at ~$3.2M and would be a lot more comfortable if it was a bit higher.

Something that has me a bit perplexed is:

Payments to suppliers and employees (inclusive of GST) for 2023 $(14,486,307) and 2022 $ (14,597,445) respectively.

With all the effort to reduce operating expenses including staff reductions I would have expected the outgoings to reduce in 2023. It indicates to me that they have hired new staff and/or contracted services.

I thought the remuneration of Board and senior staff was quite reasonable for a company this size though I would have liked to see a bit more of the salary component moved to performance bonus's.

Interesting to see what the end of Sept quarterly will look like and whether we can avoid a CR toward end of year.