You make some good points Gyro.The C10 revenue hasn't continued...

You make some good points Gyro.

The C10 revenue hasn't continued to grow at 100% as it was prior to acquisition. We know it grew 18% in FY19. Yet Jeff went with a 60% 3 yr YOY figure to soften the blow.

Jeff's recent attempts at showcasing the Sept 2019 revenue against Sept 2018 was lame - given Sept 2019 contained $1.3 to $1.4m in licencing fees and 3 months of C10 revenue when we didn't even own C10 in Sept 2018.

I've had concerns over the expenses. The last 3 quarterlies have had supplier charges appear. We knew about the seasonal supplier charge in one particular quarter, but it looks like they are hear to stay. They warrant some further explanation.

Suppliers could also mean contractors but that would appear as less likely and isn't supported by the revenue figures.

London - I have some concerns there, but not so much about expenditure.

TSI - hard to argue with, until the company proves otherwise.

Jeff's comment about "conserving cash" (bottom of announcement of 9/10/19).

Jeff's comments about being "operational" are a bit of a worry. When he bought C10 the two founders where Sydney based and Malcolm headed off to the UK (I'm sure it was all agreed to prior to signing).

However, has it left too much on Richard's plate? Is the cross-integration of DWX and C10 proving more time consuming than Jeff anticipated? Has it forced R&D initiatives to go on the back burner?

I think some amber flags have been raised for awhile, but I must admit that the big change in sentiment the past 3 weeks has surprised me.

The wheels haven't fallen off, but we might due a re-alignment to get back on track.

It's also worth remembering the Insto's were prepared to underwrite all of the options, so maybe they're still getting their fill. Perhaps the fun & games will subside next week.