I am not sure about the $4.5m. 45% is the margin they make as a...

I am not sure about the $4.5m. 45% is the margin they make as a percentage of the cost price. It is not 45% of the sales price. For sales pipeline of over $10m, 45% margin means slightly over $3.1m, being cost price of near $7m and $3.1m of margins at 45%.

And that is gross margins.

Once you deduct expenses for remaining half year of about $900k from $3.1m, we are left with $2.4m of cash before tax. And that assumes at the bills are paid by the customers before the balance date.

Other points are agreed.