Ann: Full Year Results Investor Presentation, page-16

The twelve month loss is a twelve month loss that is dynamic and not linear , and not all operating. As the company approaches break even the outflow in each month becomes narrower. The addition of another 1 m USD in Sept reduces the gap even more. And the benefits of ARR need to be appreciated from a cumulative annual basis . If I get a new 1.2 m contract c the payments (often in arrears) occurs months at 100k pm . So as ARR grows the loss gets smaller and the funding requirements lower. The assumption that Senetas need to fund last years loss for next 9-12 months is simply wrong

it’s amazing how people don’t bother to understand or appreciate numbers and how ARR revenue streams work