Ann: Quarterly Report and 4C, page-37

Of the last 8 quarterlies, the PMOC were consistently below cash receipts, bar one (June 2020). Net cash loss is 5.1 mio for Dec 20 (9 months)versus a loss of 5.1 mio for Dec 19 (9 months). That is no improvement over the comparable period. The current quarter shows a drastic improvement: Net cash loss of only 90k. That is a ray of sunshine.

Cash receipts have more than doubled (34.8 mio vs. 15.5 mio) to the end of Dec respectively). ... whilst net cash loss of 5.1 mio is stable.

One has to take into account over the last 24 months:

1. re-orientation of KTD re management and product line
2. COVID

My take: They don't burn cash, manage transitions and a difficult business environment well. But they lack a bit of salesmanship or showmanship in the marketing department that generates the excitement.that the market can see elsewhere. ... But the market will learn ... and then SP will lift.

I view KTD as undervalued, but suspect that there are some SH that use upticks as selling points. ... as a trader would do versus an investor.