Ann: Quarterly update & Appendix 4C, page-7

Thanks for the analysis. I was also looking at the past quarterly numbers and was trying to project what revenue they might do for 1st half of FY 2022 and later periods.

I was a little more optimistic based on the growth in announced customers since the end of the June quarter.From end of June to the Sept report, they went from 125+ customers to 136+ customers. The number of countries was 36 for both time periods. Now in the latest press release about the Paysim API they made the mention of 146+ customers and 41 countries.So there were 10 new customers since Sept. and a total of 21 new customers since June.

They also mentioned in the recent conference call that Paysim customers would generally have a contract size of 75k USD at the low end to 250k+ for large customers.

Vertexon contracts would generally be 250k USD per year at the low end and multi millions per year for large customers. They described the recent Axiom customer contract as a medium sized customer. That contract has a minimum value of roughly 233K per year. So maybe using the term of medium size customer there might be a positive surprise in the actual revenue once they are fully launched. Otherwise the new Axiom customer should have been described as a low end customer.

So the big unknown is: What did the 21 new customers buy from Change. Is there any other product offering from Change, which has a lower price that what a small Paysim customer would end up paying.

The other big unknown is their number of opportunities went up to 134 from 49 the previous quarter. How many of those can be closed during the July to December period and what kind of revenue billing do those customers generate. I assume a lot of those generate smaller revenue amounts related to product upgrades or other services, but maybe there are a few more new Paysim or Vertexon customers in the pipeline.

I’m hoping that they have a good surprise in revenue growth in the next report, but if they don’t I still feel it just a matter of time.In the US, companies will sometimes pre-announce revenue numbers during a quarter if they were a significant change in trend. Do Australian listed companies ever pre-announce or provide any forward guidance before the quarter actually ends?