At a brief look at the numbers says its atleast more positive...

At a brief look at the numbers says its atleast more positive than the trainwreck going over the cliff that could have been hypothesised after the Dec 2021 quarter results (and probably the trailing 4 quarters of cashflow results).

I put together (disclaimer-> I could have easily mistyped any of the numbers in the sheet below) a spreadsheet of the op cashflows Zoono have published since April 2019 as its a bit unfair to judge them (or anyone for that matter) on one 3 month period.

Zoono Cash Flow Statement
Quarter End	31/03/2022	31/12/2021	30/09/2021	30/06/2021	31/03/2021	30/12/2020	30/09/2020	30/06/2020	31/03/2020	31/12/2019	1/10/2019	1/07/2019	1/04/2019
1. Cashflow from Operating Activities
1.1 Receipts from Customers	4590	2850	4868	3077	6831	5533	15010	19812	9960	588	1210	244	117
1.2 Payments for:
a) R&D	-29	-30	-37	-133	-54	-108	-68	-7	-41	-4	-20	-7	-5
b) Product Manufacturing & Op Costs	-1021	-1540	-970	-3147	-2624	-1365	-7093	-10549	-5922	-247	-408	-177	-134
c) Advertising & Marketing	-206	-369	-173	-166	-150	-150	-152	-80	-86	-23	-47	-13	-65
d) Leased Assets	46	-55	-71	26	33	-122	-118	-91	6	-37	-32	-31	-36
e) Staff Costs	-743	-650	-570	-612	-803	-728	-832	-145	-229	-250	-186	-228	-250
f) Admin & Corporate	-2364	-1709	-1473	-497	-2486	-1579	-1616	-3687	-597	-579	-316	-432	-424
1.3 Dividends Received	0
1.4 Interest Received	-18	18		10		1	92	6	-14	-4	1	6	10
1.5 Interest & Other Costs of Finance Paid	3	-30		-36	-22	-3	-4	-4			-3	-3	-2
1.6 Income Taxes Paid	-84	-304	500	-1509	-402		-2430
1.7 Government Grants
1.8 Other
1.9 Net Cash from / (used in) operating activities.	174	-1819	2074	-2987	323	1479	2789	5255	3077	-556	199	-641	-789

Some comments I have:
1) I think for the next 12 months if Zoono hits $15-20 mill of sales that would be a reasonable achievement. The new normal is here and their sales should stabilise.
2) The gross margin is interesting. The trailing 3x quarters product manufacturing & op costs is only ~29% of receipts. Previously it was closer to 45-50%. This is good news and I assume its due to bringing some operations in house?
3) Staff costs have not grown outrageously as I expected with all these new sales managers came on, however maybe that falls into the admin & corporate side, I am not sure. Either way, the staff costs and admin & corporate costs are fairly stable YoY for the last couple.
4) All in all cashflow positive (albeit just) for this quarter is good. If this can be maintained quarter to quarter, whilst the animal health/mould/Zoonex etc can be commercialised that would be a good achievement.