Ann: Quarterly Appendix 4C and Activities Report, page-9

To illustrate how close the quarter was to break even.


If revenue managed to grow a bit more - probably profit. Alternatively, a pull-back is possible, though the high March sign-ups will act as a tailwind.


Expenses were 103% of revenue this quarter. Call it 90% of revenue if revenue rose a bit more (from $2.076m to $2.5m, which would be a good result for the coming quarter).

That would be 10% profit margin on $2.5m quarterly revenue. $250k profit for the quarter. $1m annualised. 24x PE multiple on that initial profit, but there is still room to grow from $2.5m revenue.

March I expect was the first profitable month. If things go our way, then next quarter could be the first profitable quarter.