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

The market cap is so low that I actually own a decent % of this company - approaching 1%. I'd better remember to vote when asked.

A $8m market cap company though sounds crazy to be invested in (though not so surprising after they showed so many quarters of losses).

But we do look close to an inflection point.

This quarter alone is not enough to bring the trailing 12 months to profit, but combined with continued 'enrolments growth' and hopefully continued cost control, I think it may finally be happening.



And with this peak quarter behind us, we have $3.1m on hand to get us there - low chances of a raising then? Since I think we might reach rolling 12 months profit within 1-3 quarters.


(Read right to left)


- (blue) Receipts accelerating without an acquisition (maybe due to successful cross-selling synergies of a prior acquisition?).
- (red) Staff flattening off (thanks to organic growth, instead of acquisitions along with more staff. Maybe still a small opportunity for reducing overlap of staffing between new and old businesses?)
- (green) The ratio of staff costs to receipts is finally improving - economies of scale (due to real organic growth?).