A 4C Report is a CASH report.The revenue shown in the report is...

A 4C Report is a CASH report.
The revenue shown in the report is simply collections.
The true revenue of ICI (LS etc.) should be calculated on an ACCRUALS basis.
The costs for labour is actuals, so this cost will never match up with the revenue generated by WFH.
Sufficient clues as to this were cotained in the narrative to the report.
It appears obvious that the revenue in the December Qtr would be greater than the September Qtr because of the increase in the head count.
Comments downramping the Quarterly result are all well off the mark and show a lack of understanding of matching actual costs against actual revenue.
The fact that both ex-owners of Storms exercised their put options at a valuation of 13.5c IMO is an indication of the true value of ICI script.
The SBB has simply acted as a prop for the SP previously, so the pause in the SBB is IMO not cause for alarm for LT holders of ICI.
ICI is accumulating real value for those SH who understand the rationale/strategy of ICI.