Ann: FY23 Results and Company Update, page-2

Just not Gerald gets how serious a situation the company is in

My classification with:
- Non Cash expenses being Share Based payments and Depr & Amortisation
- One offs being Impairments, writeoffs etc

The business is carrying (cash) expenses of ~3.4m for each half year based on the latest, and if you work backwards, on a margin of 56% then you need revenues of ~6.1m.

Yes perhaps margins will go up to 60-65%, but even at that level you need to generate revenues of $5.7-5.2m every 6 mths which is a long way from where they currently are.

Subscription revenue grew quite nicely, but I suspect that is because they have included 3CT under 'subscription', which is at the much lower margin, so that is not going to move the needle for the firm as a whole.

		1H2020	2H2020	1H2021	2H2021	1H2022	2H2022	1H2023	2H2023
1	Revenues	2,619,229	2,182,426	2,036,760	3,212,122	2,861,664	2,966,360	3,614,339	3,753,239
2	Cost of Sales	-976,750	-751,001	-807,511	-1,301,370	-1,377,263	-1,247,701	-1,580,662	-1,637,949
3	Gross Profit	1,642,479	1,431,425	1,229,249	1,910,752	1,484,401	1,718,659	2,033,677	2,115,290
4	GP Margin	62.7%	65.6%	60.4%	59.5%	51.9%	57.9%	56.3%	56.4%
5
6	Other	8,545	293,578	268,505	125,456	880	-7,065	-104	18,197
7
8	Cash Expenses	2,383,876	2,187,692	2,432,322	2,694,327	2,409,010	2,600,759	2,867,209	3,369,345
9	NoN Cash Expenses	218,264	192,542	178,339	306,201	274,595	170,795	369,911	473,710
10	One Offs	0	247,477	12,640	-4,919	0	-13,994	0	435,225
11	Total Expenses	2,602,140	2,627,711	2,623,301	2,995,609	2,683,605	2,757,560	3,237,120	4,278,280
12
13	Profit/(loss) before tax	-951,116	-902,708	-1,125,547	-959,401	-1,198,324	-1,045,966	-1,203,547	-2,144,793
14	Cash Profit/Loss before tax	-732,852	-710,166	-947,208	-653,200	-923,729	-875,171	-833,636	-1,671,083