Ann: Investor briefing notification - Q3 Sales Update, page-13

ARR is really a function of what the total years revenue would be if the customer was billed for the full 12 months. Revenue always trails ARR, but the time lag is probably a function of not 'turning on' deployed systems they have won. The real challenge as you note is that with a ~50% GM, current $8m ARR growth (with a time lag to revenue), is their cash position. Their operating expenses increased in the last half (by about $1.2m), and with a ~$4m cash burn each half ($8m a year and likely increasing), the $11.9m in cash will run out in around 12 months without meaningful revenue growth. This means they will likely need to raise within 9 months from now. Raising money in this environment to fund operating expenses will be tough unless there is a non organic growth opportunity ahead....Clearly burying a raise in another 'growth' story on product wont be possible.