I think that the worst aspect of the quarterly is around spend....

I think that the worst aspect of the quarterly is around spend.

	Column 1	Column 2	Column 3
0		Forecast (from Q2)	Actual
1	R&D	246k	335k
2	Advertising	105k	204k
3	Leased Assets	28k	71k
4	Staff Costs	170k	288k
5	Admin/Corporate	133k	181k
6	Total	682k	1,079k

So $397k over for the quarter. Cash outflow hasn't been controlled and given that cash on hand is $1.176m it raises some serious questions about funding the first quarter next year. Forecast spend to the end of the year is 664k.

I think that prudent management of cash would have been an obvious necessity given prior market concern over raises. Three quarters on budget at ~$650k would have seen DTZ safely through to the beginning of next year whereby both grant funding and initial sales might have enabled business continuation without further dilution.

I wasn't expecting revenue so not really concerned there however it would have been nice to see some minor sales just as a sign of interest (<$50k). It was disappointing to see the continuing lack of detail as to when the ~$2m in grant funding will actually be made available as some of that would appear urgently needed now (currently stated as over the next 12-18 months). I'd also like greater transparency as to what it can be applied to (for example, I doubt that it could be applied to admin/corporate or advertising).

There is a huge opportunity here for management to turn all of this around. Are they up to the task? We'll see.