Ann: FY21 Q4 Quarterly Activities Report and Appendix 4C, page-44

I've had a bit more of an opportunity to digest the results over the past few days, and I must say i'm actually feeling positive about where we are tracking for the next few quarters. As others have mentioned I suspect some solid quarters of cash receipts just based off of some of the recent signings that will have had a a lag coming through as cash receipts.

Comparing FY19/20 vs FY20/21, and applying the percentage change to forecast out to EOFY FY21/22.. could be up around the $65M cash receipts. If we exclude all of the non-recurring payments in each of the last two financial years from net cash flow, could be looking at only a loss of around $2m i believe by end of next year.
I actually believe the forecast could be quite realistic, albeit staff costs higher that the forecast (due to greater pay sacrifice in FY20/21 and likely more jobs that get advertised), however these would be offset by the conservative amount for R&D expenses.

All in all. Happy to hold my investment for now, and again, provided no legal fees arise I believe we are in good stead. Tempted to buy a few more when the tax return comes through at this bottoming in price..

		Actual	Actual		Forecast
1		FY19/20	FY20/21		FY20/21
2		$A'000	$A'000		$A'000
3	1. Cash flows from operating activities
4	1.1 Receipts from Customers	40,968	51,838		65,592
5	1.2 Payments for
6	(a) research and development	(6,270)	(9,588)		(14,662)
7	(b) product manufacturing and operating costs	(12,376)	(9,659)		(7,538)
8	(c) advertising and marketing	(6,527)	(3,465)		(1,839)
9	(d) leased assets	(31)	(51)		(84)
10	(e) staff costs	(29,224)	(25,307)		(21,915)
11	(f) administration and corporate costs	(7,951)	(9,981)		(12,529)
12	1.3 Dividends received
13	1.4 Interest received	176	26		4
14	1.5 Interest and other costs of finance paid	(8)
15	1.6 Income taxes paid	(236)
16	1.7 Government grants and tax incentives	11,458	1,028		92
17	Net cash flow / (used in) operating activities. EXCL non-recurring payments	(10,021)	(5,159)		(2,656)