Ann: Half Year Accounts, page-4

KR,
Receivables $940Ks ....circa $700Ks higher than the June figure $230Ks ...whereas payables are only $300Ks higher than the June figure.
What explains the large apparent negative cash flow & loss is the fact that SMA does not capitalize expenses (which puts a gloss over the Profit/loss figures)....It expenses or recognizes them when they occur.
Net asset backing increased circa $1.9m (this is after $2.1 cash injection from share issue)....This is mainly a translation of cash/receivables/payables....No hidden intangibles or capitalized expenses.
Employees expenses $590Ks ,down from $743......One would expect more extravagant employees benefit to match the higher revenues.
MC looks rather rich at $20m with large "apparent" loss....P/B ratio 10 ....P/S ratio over 5....But the report is not as dire as it looks.