Rough cashflow projection below.... I have included $2.5m per...

Rough cashflow projection below....

I have included $2.5m per Qtr from March 2020 re: 'other' revenue from the CYCL aquisition ie: the ~$9.39m (12 mth to Sept 2019) project and professional services income...I'm pretty sure Karl & Co. would want that $$$$ to continue.

Have added CYCL opex @ ~$3.5m per Qtr...added $~2.5m to Dec opex also re CYCL costs in Dec Qtr.

Let Me know if I have missed anything material.

My ARR estimate for Dec is $53.6m based on Sept figure ~$42.9m + CYCL $4.7m + $6m organic growth.

ARR		34.5	40.1	42.9	53.6	61	68	75	83	91	100	109
$m
	2018	2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	2021	2021
	Dec Qtr	Mar Qtr	Jun Qtr	Sep Qtr	Dec Qtr	Mar Qtr	Jun Qtr	Sep Qtr	Dec Qtr	Mar Qtr	Jun Qtr	Sep Qtr	Dec Qtr
sales	$4.10	$5.19	$7.88	$8.48	$9.80	$14.74	$16.43	$18.03	$19.63	$21.46	$23.28	$25.34	$27.40
R&D refund				$3.79	$-	$1.00	$1.00	$1.00
opex	$13.80	$12.94	$15.30	$17.57	$18.67	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00
net cash flow	-$9.70	-$7.76	-$7.42	-$5.29	-$8.87	-$4.26	-$2.57	-$1.97	-$0.37	$1.46	$3.28	$5.34	$7.40
Other		$0.97	$1.12	$47.35	-$1.58		-$0.07				-$2.60
cash in bank	$27.90	$21.11	$14.81	$56.87	$46.43	$42.17	$39.53	$37.56	$37.19	$38.65	$39.34	$44.68	$52.07
	actual				anticipated					anticipated