Ok, I see what you're saying now. You've taken the $11.77m from...

Ok, I see what you're saying now. You've taken the $11.77m from the year to date column then subtracted the $6m in receivables from the December quarter to get the $5.77m figure.

I would say to remove the payments to merchants figure from the 6 month column because these are future receivables. Add up the the remaining expenses excluding taxes. That will give you $9.57m. Subtract the $8m in receivables. That leaves an overall loss of $1.57m over 6 months. Around $262k loss per month. (Provided there's no bad debts).

The December quarter shows receivables greater than losses. There's also delayed payments from the MCO as well. That tells us there's more coming to the receivables but we already know the operating costs. That means losses won't continue to accumulate. The company states an adjusted cash flow profit of $1.2m. If the march quarter were the same you could subtract this figure from the overall loss of $1.57m leaving a $370k. Then the June quarter and full year would give an overall profit. That's assuming no growth in receivables or costs.

Then hypothetically you could say dividends from IDSB could be around $2m based on the $6m PBT unaudited.

In my opinion I believe the business overall would be running profitability once everything is balanced.