Ann: Share Placement, Share Purchase Plan and Business Update, page-25

Hopefully the SPP will be a success and with the $17.1m they can finish the year strongly.

In 2018, LIfx had $38.5m revenue, $17m in the Dec qtr, therefore $21.5m in the first nine months. A 70% increase on $21.5m would be $36.55m.

In the first six months of 2019 Lifx had revenue of $14.7m, therefore they require revenue of $21.85m in the September qtr to still be on track for a 70% increase in revenue in CY19. Since the CEO is now talking in unit growth, I suspect that they are below this, I hope I am wrong.

In my opinion they needed a capital injection, unfortunately at 2c it dilutes all current shareholders significantly. I still do not understand why they did not raise more at the time of the acquisition. If they had raised the US$26.5M required to pay the majority shareholder plus some extra for working capital that would have been a better result.

BUD lives to fight another day, shareholders continue to suffer.