Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-15

To add to your thoughts and what @FBRocks has mentioned previously: -

No costs - I gather just staff costs directly to operate the machine. Other costs with buying blocks of land (Wellard location) and the components of blocks / roofing might be partially in 2.5 - the Hadrian Development Costs / 2.1 - Property Plant and Equipment. Amounts spent on R&D would contribute to a greater refund when it occurs in future and if they needed to buy the properties to fulfil the research, then this should be allowed. The costs of buying Dayton were in previous quarterly spends.

Just a tad over 2 qtr of funding left / Cash burn $15 - 16m pa - if most of the spending in previous quarters was in the development of the Hadrians, then I would expect this to reduce massively going forward. It appears that the 110 is functioning mostly to plan with upgrades being undertaken on the 109x possibly implemented. In future quarters, the amount spent on upgrades should be minimal although funding for additional machines is likely to be required but as pointed out by others may be through partnerships / deals etc.

Future outgoings may be for purchases of development / R&D land, bricks, slab installation and roofing with the partner / developer providing the rest. Where the machine is just provided on a WAAS basis the costs will be minimal and relate to the purchase of the blocks for the builds.

As pointed out by @FBRocks there will be a number of sales of the Wellard properties which should add to their revenues / cash position. I would expect revenues for the next quarter to increase to $1 - $1.5 Million depending on their revenue split and what other projects are completed in that timeframe. If they buy land / build and sell properties then their margins will be substantially greater (although with higher outlays until recovered) than just WAAS where they recover their staff costs and possibly a margin on the blocks. Again as per FBRocks numbers, their WAAS revenues should be $9k to 15k per build (plus income for the provision of the blocks laid).

The company revenues should start to increase and their non-capital spend should start to reduce massively as builders start to come onboard. I can't wait to see what new projects develop over the next few months. As I suggested in other posts, the company might end up becoming a developer of houses and providing their machines as the builders.

Even with all the negative sentiment, eventually the market should see this has turned around and hopefully is reflected in the share price.