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

Holders stating that this is a decent quarterly are delusional.

There's been a material decline in WFH revenue; just compare with pcp, which is what the company should have done. Is LSS still profitable?

Seems like a significant number of major WFH projects were completed when receipts were $8m+ pc and they've not been fully replaced (or margins have been eroded). So much for all the spin about guaranteed 3 year pipeline and WFH revenue growth. Have management actually delivered on any of their past statements and claims?

There's no signs that Web3 games will eventuate this year and, even if they did, they're likely to be loss making due to sector sentiment. The near term riches that most holders are clinging to, simply don't exist. It is a sector wide issue, but ICI management don't appear to have a credible plan about how they'll navigate it. If the Web3 bear market lasts for another 12-18 months, how does the company intend to reduce their burn?

Very strange not to confirm that Engineers will launch this quarter. They've still not announced their publishing partner. There's a chance the project could get pulled due to market conditions as NFT liquidity is terrible atm. If it does launch, it could stave off a cap raise by 1-3 months, which might buy them enough time to IPO? Price action over the next six weeks will reveal if the market smells blood. If price holds above 5c, then I'd view it as more likely that an IPO will avert the need for a cap raise. Whether an IPO will benefit holders long term is debatable (just check out Kin's track record), but it does appear to be more advantageous than a cap raise.

What are they actually spending their marketing budget on? These costs will rocket if they ever get around to launching projects.

They really need to get expenditure under control, as receipts don't even cover basic employee costs.

Total cash depletion of circa $3.7m, likely leaves them with less than 5 months of spend, as of today. Time is ticking. Management should hang their heads in shame.