Keep in mind that the reduction in expenses only began in Feb...

Keep in mind that the reduction in expenses only began in Feb and the termination of all the overhead meant more cash out the door, not less. 4C is a cash statement so it can be misleading at inflection points like ours. The beneficial impact will appear in the 4C's for Q1 and Q2 . The staff and recurring opex number has halved nontheless.


So if you add-back $3.5M to $2.297M you get a positive number that reflects the result of the surgery completed in H2 FY23.