Ann: Quarterly Activities Report & Appendix 4C (Jul - Sep 2020), page-10

My take on the qtrly;

- Directors should have had the strategic review this sorted by now without having to engage Deloitte, but lets see what comes of that.
- There is some refreshing honesty re-sales orders and revenue. Jeff has always over embellished and this qtrly report is obviously the work of directors and not his.
- $2.6m cash burn for the qtr is a concern and obviously not sustainable. Feb CR just used for operating costs with no advancement on offshore operations as promised.
- Staff costs of $1.5m per qtr needs to drastically reduce.
- Receipts from customers non-evident (i.e. $4k), particularly when you look at 'product and manufacturing costs' of $480k. What is actually happening in the factory for such an imbalance to occur?

This qtrly confirms Jeff's position is untenable and I suspect Deloitte will come to the same conclusion.