breakout imminent, page-23

Ok Brian, just for you my back of the beer mat notes are:

1. Revenue ticking up a nice 8% in 6 months- from $8.5m in the first half to $9.2m in the second half of the year

2. Employee expenses down over the same period from $4.7m to $2.3m.

3. Finance costs doubles from 1st half year to 2nd half of the year - Why as the convertible notes expense is on a separate line?

4. Net loss for second half of the year is 3x what it is for the first half. If only they had applied the same 'wisdom' 6 months ago, then the slate would have been clean back then.

5. Very nice 50% increase in the receivables balance when compared to 6months earlier. I hope that this suggests plenty of billing to customers than very sedate debt collection! I think it is very likely the former based on the TZ's need for cash and the companies that they have been working with.

6. Payable balance increasing slightly. This needs to be resolved. Collection on the above should do the job (may already have been cleared somewhat)

7. Borrowings down - as expected (conversion of notes). We will have a $5.3m improvement in 6 months through the already converted notes.

8. Halving of intangible assets. If it is due to lack of info as stated, then surely this info was missing 6 months ago, so why wasn't the clean slate started back then?????

9. Net assets - $2.2m! Please ignore.

10. The cashburn has reduce significantly. In the previous year it was over $20m. This past year it was closer to 1/4 of that.

11. No segment revenue as per last half yearly.

Time for some forward look news I think. Contracts, updated forecasts, broker coverage etc