If we go back to the resolutions approved at the last General meeting, papers issued 24th October 2023, specifically,
RESOLUTION 4 – ISSUE OF PERFORMANCE RIGHTS TO RELATED PARTY
The issue of Performance Rights to Daniel Lai (or their nominee) constitutes giving a financial benefit and Daniel Lai is a related party of the Company by virtue of being a Director.
".........the current total remuneration package for Daniel Lai is $359,640, comprising salary of $300,000, cash bonuses to be paid of $24,000 and post-employment superannuation of $35,640. If the Performance Rights are issued, the total remuneration package of Daniel Lai will increase by $198,803 (being the value of the Performance Rights based on the Binomial methodology);
That $198,803 conditions are as follows:
30% Cashflow Positive
The Company achieving positive net cash provided by / (used in) operating activities for the financial year ended 30 June 2024, as determined by the Board in its sole discretion on or before 30 September 2024, as verified by reference to the Company’s FY2024 audited annual financial statements.1 30% Annual Recurring Revenue
The Company achieving annual recurring revenue for the financial year ended 30 June 2024 of AU$4,130,594 or more, as determined by the Board in its sole discretion on or before 30 September 2024, as verified by reference to the Company’s FY2024 audited annual financial statements.2 20% Consolidated Group Revenue
The Company achieving consolidated group revenue for the financial year ended 30 June 2024 of AU$8,657,795 or more, as determined by the Board in its sole discretion on or before 30 September 2024, as verified by reference to the Company’s FY2024 audited annual financial statements.3 20% Gross Margin
The Company achieving a gross margin percentage of equal to or more than 60% for the financial year ended 30 June 2024, as determined by the Board in its sole discretion on or before 30 September 2024, as verified by reference to the Company’s FY2024 audited annual financial statements.
- I'll be surprised if we make cash flow positive. If we do he has probably earned the 30%.
- Annual recurring revenue of AU$4,130,594 whilst previous year was $3.6M. That's about a $0.5M increase which probably not an unreasonable milestone but would liked to have seen it set closer to $5M.
- Consolidated group revenue of AU$8,657,795 whilst previous year was $6.4M. I think that was a bit soft - should have been closer to $10M.
- For the previous year, gross margin percentage decreased to 51%(FY 23) from 71%(FY 22). Once again too soft and should have been at least 70% closer to what was achieved in 2022.
Interested to see how this pans out and keen to see what is set fo rthe next fiscal year! We won't see the annual report until near end of August but the four quarterlies shopuld gives us some measure.
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