As for the cash balance, Note 14 of the accounts state that a...

As for the cash balance, Note 14 of the accounts state that a final reconciliation is yet to occur and that retained cash will be paid to the vendors I.e. Integra and MCS hence the difference.

The cash balance of $400k sounds about right given:

$20m revenue @ 10% ebitda would generate ~$2m cash, the transaction occurred start of Novemeber, so 5months worth of results or $800k. With around $450k spent on due diligence for acquisitions, $400k in the bank sounds about right.

Whilst it was clear and expected that the cash balance was inflated, I'm surprised the auditors didn't raise an emphasis of matter given the financial statements post the reconciliation are materially different.

I'm reasonably comfortable that an announcement around an acquisition or contract win will see a sizeable re-rate from here given its trading on less than 3x EV/EBITDA.

The recent trading @ $0.04 looks to me like an Insta buying so I watch in anticipation for a substantial shareholder notice.