Ann: Business Update, page-28

This is incredible.

H1 Revenue was 22.5m

In the Sept capital raising presentation they told us "transactional recurring revenue continues to generate period on period growth" under the heading Q3 update - a reasonable investor could infer from this revenue in Q3 would be say at least $12m leaving you with $34.5m plus revenue for the first nine months.

Incredible to see annual revenue could be as low as $36m, implying potentially just $1.5m revenue in Q4!!

There are some big questions here, I'm worried something devastating has happened in their business in the last couple of months (the announcement doesn't identify anything which should cause this scale of fall) or the capital raising presentation was misleading.

Maybe they booked revenue incorrectly earlier during the year and Q4 is not quite as bad... who knows... alarming!