Yes agree it's a huge bargain, doing 5m in FCF on a 36m Market...

Yes agree it's a huge bargain, doing 5m in FCF on a 36m Market cap and 33.5m enterprise value. CEO just has to avoid being an idiot for this to work out well.

Re: @firsova point. This is a model where many of the customers are paying for training in advance, and i believe that licensee fees may also be in advance, so really in a normal year the working capital will be negative, which in my view is actually an extremely positive thing as it means customers are funding growth rather than us as shareholders (organic atleast). The risk is just using shareholders money poorly.

On the liquidity, worth paying attention to this note where they raised facility to 35m