Ann: FY21 Q4 Results Investor Presentation, page-25

I think if you were looking at results from a high level the big warning sign would be $18m net operating loss with only $16m in the bank. However that doesn’t tell the true story of non recurring legal fees and staff costs. The business is basically cash break even now. I don’t envisage any cap raises.

Secondly if you compare 2020 LTV to what is in the report this year for 2020 $52m has disappeared. This is basically because last years ARR in June 2020 report was inflated by using a very generous March exchange rate.

I think the market needs convincing that reporting is going to be transparent to gain confidence. There’s been a lot of smoke and mirrors in the past.

It would be interesting to know what the higher R&D costs were in the quarter?

I think this report is definitely a step in the right direction proven by the fact they went with a less favourable but a more realistic exchange rate comparison.

ps I find it mind boggling those selling at this rate.