Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-97

A few more comments:
- The cash burn they calculate exclude the IP component. Since FY24, they report there costs that relate to the R&D grant. The total FY24 IP was $-2,847 vs $1,600 grant received (56%). Can't really ignore it, about $100k pm.
- If you look at this quarter, the total costs add up to $-5.5mio. If you apply the same R&D grant percentage as FY24, and annualise the expected FY25 grant, you get a total cost of $5.1mio for the December quarter.
- That is still a $-1.56mio total burn per quarter / $0.52mio total burn per month.
- The same calcs for FY24 December quarter gives us a $-0.56mio total burn.
- So the total cash burn is indeed decreasing based not he comparable period, but just by 7%. I am moderately happy with this given they just absorbed LimePay and you got hope they can generate better bottom line as they optimise the revenue streams and operating costs. This has to be a priority.
- trying to decipher the revenue mix, it looks like "what is not from the loan book and not from payment" is growing substantially - happy with this.

Some positives. My biggest concern is the net cash position. Something got to happen in the next month or two. Restructuring the DW may improve the cash position but not sure then what happens to the revenue stream (now less than 20% of total receipts). "Optimising LimePay" got to yield better bottom line too. Will it be enough to make the options exercise worthwhile and inject new capital? Tough one...