Ann: Investor Roadshow Presentation, page-29

It's possible they are writing off expired options? It looks like they had included options in revenue in expectation they were going to fulfill? (Personal opinion)

See the document : Appendix 2A - Completion of $19M Private Placement (Application for quotation of +securities) 10/03/2020
I see some options that are already expired

Also the original CT deal states. (26/02/20209:22 am AEDT$25.5M Machine Sale Agmt with Global Defence Manufacturer)

1 Tranche One Options
Class: Unlisted Options
Quantity: 7,500,000 options over fully paid ordinary shares in Titomic Limited
Exercise Price: Each option will be exercisable at a price per option equal to a 10% premium to the Titomic February
2020 capital raising price per share.
Expiry Date: 25 February 2022
Vesting Condition: Vesting immediately upon Titomic and Composite executing a Joint Cooperation Agreement for
Composite to share its technology and manufacturing processes including intellectual property and
knowhow of defence products with Titomic, with the parties to develop the new manufacturing method
and process to produce Composite’s defence products.
Issuing Condition: To be issued under Titomic’s available Listing Rule 7.1 and 7.1A placement capacities.
2 Tranche Two Options
Class: Unlisted Options
Quantity: 7,500,000 options over fully paid ordinary shares in Titomic Limited
Exercise Price: Each option will be exercisable at a price per option equal to a 40% premium to the Titomic February
2020 capital raising price per share.
Expiry Date: 25 February 2022
Vesting Condition: Options will vest immediately upon Composite providing Titomic with certification for the manufacturing
process using the TKF Manufacturing System’s technology.
Issuing Condition: The issuance of Tranche Two Options to Composite is subject to receipt of shareholder approval being
obtained at the next meeting of Titomic shareholders