Ann: Half Yearly Report and Accounts , page-5

While the accounts can scarcely be a surprise, it is still astounding the issues that are glossed over in the management commentary and presentation. It's also astounding that they still have a market cap of around $70m.

ONLY $1.96m of revenue! (And with $1.77m of direct project expenses, so weak gross margins)
ALL receivables more than 3 months overdue - yet no commentary as to when they might be received or why they are not classed as impaired.
NO explanation as to the status and ongoing prospects for the China project - the only remaining "live" contract.
Equity reduced by a further $9m (over and above $21m loss) due to exchange rate translation on assets.

Cash probably gives them 1-2 years grace period to pick up another contract, but, personally, don't see how they can be worth more than $30m at this stage.