First point - TCV metricI have a huge problem with the below...

First point - TCV metric

I have a huge problem with the below quote from the report.

"Fiscal 2023 Total Contract Value (TCV) at 28 April 2023 grows to ~$20 million, up by 100% compared to the TCV metric announced on 31 January 2023"

Their own definition of TCV from the very previous report says

"The Total Contract Value is a metric that combines all contracts executed with clients that the Company expects to deliver during the current fiscal year."

They are not reporting for the whole financial year, just the financial year to date, so they can't even stick to their own definition.
They then they compare each TCV to date with the next TCV to date, which is of course increasing because it's cumulative.
To claim that a sales metric increased 100% creates a very misleading impression of how things are going.
If Sales tank, the TCV reporting will never show a negative percentage because they are reporting a cumulative to date comparison statistic within the same financial year.
Directors need to be held to account for this reporting!!!!!! They should cease the TCV altogether. Plus, as far as I can tell no one else uses it.

Another point - Equity position

If operational cashflow was negative 3M we can assume pretty reasonably that equity has also dropped by 3M also.

If we take the 22M in equity from the December 2022 Balance Sheet and minus of the intangible assets of 14M we get equity of 8M.
Then drop another 3M from this report, we might get around 5M in equity excluding the intangible assets.
This is very thin.

Another point - Loan facilities drawn

Can anyone explain how the amount drawn at quarter end actually decreased from 2.8M to 2.1M while the Proceeds from borrowings - repayment of borrowings was about positive 1M??
I would have expected the 2.8M drawn to increase to 3.8M drawn. How could the amount drawn on debt actually decrease when we received proceeds?

Last point - Reporting late

It's pretty shocking to be in the very special category of companies who report late and actually manage to get suspended by the ASX.
I believe this is at least the second time it's happened.
Very, very poor from management!!