Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-8

4 quarters left of funding based on current rate of spend, though he says 18months (6 quarters) - must be either slowing spend or increasing revenue.

$31k paid to directors is a good sign that they are committed to the cost cutting.

Revenue isn't lending itself to the performance incentives for them.

Not a bad place to be, Dec will be a better indicator if a cap raise is needed, but pipeline doesn't give too much detail on any larger future plans.

Sorry for the way this is written, just my 2 cents as i read through the report, i'm sure everyone will let me know if i've got anything wrong.

5/10 - continue to hold and wait for a catalyst.