Ann: Preliminary Final Report, page-3

Sadly the revenue was in line with my expectations (circa $28m to $30m) and I note they did not show the Xtek vs Highcom numbers as I assume they'd show that Highcom grew while the Australian business fell off the cliff revenue wise. The $485,876 of In-house development and manufactured products in FY 2021 which had been the strategy the outgoing CEO and Board had been pitching is a complete disaster compared to the $10,738,409 in revenue from the same line in FY 2020.

Purchasing Virolens devices in advance for $2.4m is a complete waste of money it appears and was completely off kilter with what the capital raising monies were meant to be allocated towards. It appears Philippe and his Motley Crue burned through half the $11m raised before the board stopped the bleeding and the company may need to re-raise if a US expansion is even on the cards at this point.

Scott Basham has a good track record of turning around businesses in the sector such as AVA so hopefully he stays on and at least he has started by being honest and direct with the market.