Ann: Shareholder Newsletter-AJX.AX, page-113

I believe they front loaded the cost of producing the chemicals.

This is always a problem for start ups transitioning into normal operations. They have to pay up front for their inputs but have long trading terms with their customers, i.e. Cash flow. It can be a dangerous period unless you have the cash to cover your running costs during the billing cycle.

Once they have a number of customers and steady orders the cashflow becomes steady and away we go.

This is why I think they have said only a CR for a material order, they would not want to drop into cashflow difficulties after receiving a major order as that's when the predators come out to feast.

Believe me there will be some in the industry waiting and hoping for AJX to run into cashflow difficulties so that they can buy the company or buy a significant stake for peanuts.