Ann: Half Yearly Report and Accounts, page-11

TnOOb - that is actually a very interesting question

looking firstly at my estimated cash snapshot movement since end of calendar year:

	Column 1	Column 2	Column 3
1	31-Dec-15	$1,791,000	Cash as at 31 Dec 2015
2	15-Mar-16	$1,660,000	R&D rebate received
3	31-Mar-16	($1,400,000)	Cash burn based on 31 Dec 2015 qtr
4
5		$2,051,000	I would estimate that $2M would be cash position as of 31 March 2016

The cash burn during the qtr would have to be significantly less and will be driven by the "receipts from customers" (noting that this is $120K for Dec qtr and $150K for YTD).

Now I know it can be argued that cash payments etc may start reducing but I see this as unlikely given they know that they will have to continue spending money in order to try and make money. It will come down to cash receipts.

So I would say $500K or $1M in cash receipts for the qtr would have to be the case. Even if the company reduces costs further to reduce the burn, circa $2M in cash does not go far these days.

Wolf