Ann: Quarterly Activity Statement and App 4C Jun Q 18, page-4

Better commentary around progress of state of play with business development, but revenue and cashflow translation still very slow- $64k quarterly cash receipts and annual run rate of $124k doesn't suggest the Scharff deal contributed much, and as the Sino deal is already in progress, didn't contribute as well, all too low for an $80m+ mcap. But that mcap can be justified if it can be demonstrated that there can be a giant $ leap in revenues (I'm talking about million dollar revenues per deal) , I don't see that.

The hope of course is " a real near term pathway to broad commercial agreements with two of the industry's major players" - UPS and Schenker - we will revisit this statement again in Dec to see if it is "real' and 'near". I think its still a lottery and as I alluded in my earlier post, there can a better lottery elsewhere (e.g 4DS which has taken off).

Better commentary around progress of state of play with business development, but revenue and cashflow translation still very slow- $64k quarterly cash receipts and annual run rate of $124k doesn't suggest the Scharff deal contributed much, and as the Sino deal is already in progress, didn't contribute as well, all too low for an $80m+ mcap. But that mcap can be justified if it can be demonstrated that there can be a giant $ leap in revenues (I'm talking about million dollar revenues per deal) , I don't see that.

The hope of course is " a real near term pathway to broad commercial agreements with two of the industry's major players" - UPS and Schenker - we will revisit this statement again in Dec to see if it is "real' and 'near". I think its still a lottery and as I alluded in my earlier post, there can a better lottery elsewhere (e.g 4DS which has taken off).