Great analysis as always, Dan.
one point to add, new APP & international trading development cost occurs in 1HY2021, these one-off costs would be included in the G&A cost (as not shown in R&D).
If we exclude R&D costs and assume cost-saving from the new OM contract in the next CY, our annualized cash flow would be $2-3m more than reported figures.
Ann: Quarterly 4C and Activities Report, page-20
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