1. Still burning too much cash and it's been increased again in...

1. Still burning too much cash and it's been increased again in this QTR
Q3 $2,693,000 against Q4 $2,939,000 (Increased by $246,000)

2. Cash collected
Q3 $264,000 against Q4 $592,000 (Increased by $328,000).

3. It appears services revenue is lowering as you'd expect, come in implement then expand on licenses to generate revenue (from how I see it). I'm not interested in servicing revenue I want to see the ARR grow.

4. It appears the cash generation and revenue (aka deal Department of Defence, KPMG) will be brought about in FY23 as per statement cash expected to be collected being 9m in FY23.

5. I'm still on the sidelines as to if they will avoid another cap raise here, I do hope so, they need to, we do not want further dilution.

6. This is still an industry in it's infancy, governments highest agenda is data security, they do not want anymore leaks i.e Edward Snowden, Julian Assange etc etc. This industry is just getting going and you can see from the US presidential zero trust order it will take some time to implement fully yet.

7. I don't think the marketing costs this quarter however small $200,000 is relevant as it appears in this industry networks are want get you in doors especially with secret/top secret information.

8. FY23 will be prominent they need to avoid a cap raise at all costs, avoid that and I think they can continue to grow to cashflow neutral and then cashflow+

9. Full credits for the $7m contract re: AUS DOD given they cap raised I raised the point they need more than $4.2m previously and they did that.

I'm still holding this, I see potential even though I see that potential coming through end of FY23.