Ann: June 2024 Quarterly Activities Report and Appendix 4C, page-6

Hmm the more that I dig into it, the more issues arise. Recent RAS research report https://investors.carly.co/wp-content/uploads/2024/01/CL8-Carly-Holdings-RaaS-Update-2024-01-31.pdf in January this year forecast cashflow positive from 2H24. Unfortunately hasn't nearly been accomplished, and operating cash loss of $2m for Fy24 quite a lot worse than their estimated loss of $200k.

I'm sure RAS developed the report in conjunction with management, so I would think management had these targets in mind too, and perhaps informed the convertible note decision (if we were cashflow positive this quarter and moving strongly towards profitability, share price would rally in response). Unfortunately we're still spinning our wheels from a profitability point of view ($450k operating cash outflows each quarter), and cash reserves of $1.3m not exactly inspiring confidence (RAS thought there would be cash reserves of $2.1m by now). Additional capital raise seems imminent, not to mention funds required to pay back $2.85m convertible note due in May.

It will be interesting to see where revenue lands in the annual report, as RAS estimated $7.2m (a HUGE jump from revenue of $2.1m in Fy23). Likely will see a jump, but maybe more like $5m in line with cash receipts? Although last FY cash receipts were higher than revenues ($3.65m receipts, vs $2.1m revenue), so maybe only $3-4m revenue?