Ann: Preliminary Final Report, page-31

Just simple calc based on the prelim.

Total overheads for the year:

Administrative expenses (3,609,008) + Sales and marketing expenses (1,282,435) + Research and development costs (413,074) + Occupancy expenses (557,287) + Other expenses (547,111) = $6.4M

Halve that for the 6 months = $3.2M

Assuming gross margin 40% then required revenue for ebitda = $3.2/0.4 = $8M.

Revenue 6 months to June 2019 was $3.5M, so slightly more than double revenue for ebitda.

Now if we go by management's forecast COGS in the last 4C - $1.7M - revenue off that = $2.8M

So we'd need revenue to continue growing significantly.