Ann: Replacement of Quarterly Report September 2022, page-4

I have been following this stock since day 1 and feel that this needs reminding:
Total amount of funding the company raised since listing in 2017
1. 2017 (October) listing - $6.5m @ 10c
2. 2018 (May) placement - $5m @14.5c
3. 2019 (Dec) Strategic investor as part of a distribution agreement which was at a huge premium to prevailing stock price of 8.0c - $3.3m @ 15.0c
4. 2020 (Dec) Acquired SNAP Network Surveillance
5. 2021 (Jan) raised $7.5m @ 12.5c
6. 2021 (July) Acquired Scancam
7. 2021 (Dec) raised ~$10m @12.0c -
9. CEO, COO, and the board only bought shares on market todate in the entire 5 years since listing, they never sold a penny. In fact in the latest from the notices put on line CEO, COO and Board members all bought stock, CEO himself put in $500K.
10. Clearly no one predicted high inflation, Ukraine-Russia War, Supply chain challenges and Dramatic Wage increases especially in the AI space they operate in to hit them like a Tsunami.

The total funds raised to date is AUD$32.3m and all the money was raised above their listing price. This is peanuts compared to companies they compete with have raised from private VC whose seed round and Series A would be higher than this amount. They not only survived 2-3 years or COVID scare but grew the business significantly in this period with revenues growing from
~$3.8m (2019) -> ~$5.5m (2020) - ~$9.3m (2021) in the last 3 years, and they made two acquisitions along the way.

COVID pretty much shut down the Casinos and as soon as they started opening up, they jumped back in with a win in UK casino and a strategic win with Crown.

In the recent quarterly they mention that their ARR is already close to $8M and gave guidance that their ARR could be $10M by end of FY 2022. They also continue to claim zero churn.
They have announced a few new contracts in Canada.
They also mention that 60% of their customer cash inflows come in second half due to cyclical nature of their business, so I looked it up.
Q1, 2021 was $1.9m, Q2 2021 was $1.5 So in first half of FY 2021, they only collected $3.4m and ended the year with ~$8.8m; So they collected $5.4M in second half of last year.
Going by that same ratios, as they collected $2.6m in Q1, 2022, they could be set up to collecting (~$8.8m/$1.9m)*$2.6m = $12m - $13m by the end of FY 2022.
And if ARR is growing to $10M with zero churn, this is a solid business IMHO.

They still need to navigate their tight cash situation, the head winds of tight fiscal markets, high inflation, high wage growth, competition for talent etc, but looking at how management navigated tough situation before, I am willing to back the company and load up when the prices are low. The stock reached as low as 5.5 c in the past and bouced back to 25c a few times. Hoping for any run to the highs once the global financial markets stabilise.

All my ramblings DYOR.