Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

Cash looks good, but benefited by an early customer receipt in 2024 vs 2023. The R&D is to be received latter in 2024, but overall the $4.2M cash balance probably is generous to the tune of $800K.

The company has 216.2m share on issue, and at 4c trades at $8.65M market cap, with $4.2 million cash giving an Enterprise value of $4.5M. This enterprise value for 100% of KNO is not much more than an expensive house in Sydney. The company trades at 0.47X enterprise value/ARR and 0.55X enterprise value / gross profit. <1X EV/sales is historically an attractive revenue multiple for buying any software company. KNO is however an itsy bitsy subscale software nanocap. No growth for 3 years and 2024 tax loss selling largely explains the lowly value being ascribed by the market.The short term potential opportunity is a re-rate to 1.0X EV/Sales = 6.3 c = +57% sp gain. The medium term potential opportunity is a re-rate to 1.5X EV/Sales = 8.5 c = +112% sp gain