Ann: Notice of Initial Substantial Holder, page-13

I don't really think it needs my comments. What you have been saying makes complete sense and I don't think people are idiots (though I do feel that way sometimes in regards to my holding in this stock.) They can all see the pattern here. Now the consultant has become the largest single shareholder for now. Perhaps he will do some movements out to other people, or will hold himself. What happens from here I have no idea.

Next is to watch the rights issue and how many people participate. This will be their working capital for at least the next quarter. If they burn through as much as they did in the previous quarter, then it will only last for a quarter and a half (if it is fully subscribed). If they get back to March quarterly costs and only lose 500K, then they have more time.

What happens in-between? It's apparent iSentric can not produce enough income to sustain the business and its costs, so they either need funds from litigation or sale of IDSB to release capital. None of these things however will change the state of affairs in regards to the overall business. They either need a substantial amount of new contracts to come into iSentric, which based on what they have been able to achieve in the past year looks unlikely.

Sept 2023 quarterly was the first full month of trading with the new BOD. iSentric receipts from customers at that time was reported as $2,222,000 with production costs of $2,199,000. Last quarterly we reported $1,395,000 in receipts from customers with production costs of $1,638,000. Total receipts from customers for the year according to the quarterlies is $7,157,000 with production cost of $7,095,000. So face value we made $60,000 for the year, but why did our production costs blow out last quarter compared to receipts? I have emailed [email protected] and asked that question but have had no response.

Then we have the costs. In the "administration and corporate costs" I have no idea how much is associated with lawyers for litigation and what is other associated costs, but even if you strip it back to Directors fees (Approx 275K a year - which is actually cheap for 5 directors), staff costs, general admin such as ASX listing fees, etc, we are well short of any type of profit from the existing business. Even including the approx $65,000 to $75,000 we get off IDSB a month, we still fall well short.

For my sake and other long suffering share holders I really hope they have a rabbit they can pull out of their hat and there is something else behind all this that can pull us through and make us into a profitable company. Where that comes from I have no clue. I'm hoping the Directors do and maybe Clee as a consultant with the current majority shareholding also has some positive ideas to bring to the table, but time will tell - though time is not our friend in regards to OVT in my opinion.