So-so. Something there for the bulls and bears depending on what...

So-so. Something there for the bulls and bears depending on what you want to focus on.

Lots to go through. Bigger than expected contribution from Logo for me, but appears not to be the loss making enterprise claimed by some. Strategic significance yet to be confirmed, so still some unknown there.

Also looks like underlying technology revenue growth is continuing YoY well (income from Tech segment of approx. $5m is more than double the 2019 ordinary activities revenue - $2.14m which included no Logo). Yes this includes BDP/Scheduling+. I don't mind these being combined as much as others do. However looks like the pandemic has yet to really have a turbo charge effect on revenues which is surprising to me.

Legal fees hurt us at $12.8m. Insurance coverage questions getting bigger and more important. In the half year legal fees were $3.318m so we have incurred around $9.48m in the last two Q's? $4.7m a Q is almost half our entire loss for the previous Q.

If I take a step back:

2019 had revenue from ordinary activities at $2.14m and loss of $19.494m (of which $5.8m are legal fees). $13.69m loss excluding legal fees.

2020 has revenues from ordinary activities at $24.96m and loss of $31.33m (of which $12.8m are legal fees). $18.2m loss excluding legal fees.

It will make a big difference to cash burn to have legal resolved asap.

Strength of the Aussie dollar might create some selling incentive amongst American investors. FX plus SP has to start to look attractive. Wouldn't be surprised to see some selling pressure over the next period until we have more news.

Trimmed my position a bit, was getting a bit bloated for the risk profile.


All in my opinion, DYOR

MJ