Ann: Quarterly Update, page-2

In my opinion the main points are:

Management expects cash break-even to occur before the end of Q2 FY2018.

Convertible Notes:
The Company has articulated to the convertible note holders a path to converting the outstanding convertible notes. The path to achieve this is complicated by a number of factors, however the Company is proceeding on the basis that all parties acknowledge conversion is the best outcome for all stakeholders.

The conversion or similar of the convertible notes is a critical first step to undertaking a recapitalisation and execution of the growth strategy. Outcomes are already improving and this will be a vital quarter in the recovery of the business. The Company is confident it has the cooperation of all parties required to achieve this.


It is good to see them report the number of customer accounts and number of vehicles.