I participated in the telconference call this morning (AEST). If...

I participated in the telconference call this morning (AEST).
If any readers of this have watched the old movie "Down Periscope" starring Kelsey Grammar you will recall the scenes where they have to navigate the submarine perilously through the churning turbulence generated by the 2 massive propellors (called 'screws') of the huge oil tanker above so they were effectively protected and safe from attack.

This telecon convinced me we are through the 'screws'!
We are through the churning turbulence of the past many, many months of government delay.
All that waiting and frustration for the US government and Dept of VA to fully confirm this by signing off is done. That's great and we move on to OUR future. I don't have time to cover all that was said and there may be a recorded transcript available soon so I will limit my comments to the KEY points for shareholders.

1. 1st phase = 25,000 users $600k ARR ...... this full ARR amount is billable / payable to TTB on completion of the implementation phase which is quoted as a period of 60 days and does not require 25,000 users to be onboarded. ( my comment - we should allow time for payment to be made by VA, probs through IBM onto TTB)

2. Current cash is $4.1m + similar amount due in receivables. This cashflow provides a runway through the 1st half of next year.

3. Louis emphasised that TTB is "set up for scale". He gave the essential legal disclaimers re Covid etc but stated that an upper limit of annual recurring revenue in Year 2 is potentially $10m ARR.

4. Louis is limited as to what he can disclose about other deals. When asked about Hampton's Life he could only say "good progress is being made".

5. The VA rollout provides for potential of 18m users. There are several upsell possibilities across those users including the HRV addition and clinical case support.

6. Louis closing comments: "We are set up for scale. We have a Global partner with IBM and we have a Global platform. (and paraphrasing) Never has our world had more need for what we provide."

Staying with my Down Periscope theme (and I implore you to source and watch that vintage but classic movie) I belive our submarine is about to morph into the huge oil tanker. GLTAH.