Ann: Quarterly Activity Report and Appendix 4C, page-5

I've spent a bit more time dissecting the 4C.

in short, the business has added approximately another $400,000 in cash to its balance sheet. At its current market cap of $8.69m and total cash of $2.33m, the EV is now $6.36m.

In summary, we have a business that has added $400,000 in cash in Q4 alone, with an Enterprise Value of $6.36m and no debt.

Management is finding ways to achieve continued efficiencies, with more money being spent on advertising and marketing, which if executed correctly should translate to increased revenue in coming quarters.

It appears there's some new assets that have been leased - will be interesting to see what this relates to.

With these positives in mind, the question remains how should management best allocate some of the cash it now has?

I'm in favour of reducing the outstanding shares to improve EPS on a quarterly basis, whether through purchases of small share facilities or on market buybacks in the first instance. Given the nature of the business, it'd be interesting to hear thoughts as to dividend payments in the future?

At this stage, I feel buybacks are a better allocation choice in the absence of great alternatives.