Comparison with ASX Peers, page-7

Nice to see you back Marty.

When we acquired Cloud Ten (C10) a couple of posters implied, because we only owned 19% of C10 that we could only report 19% of the revenue as ours for this coming quarter.

That never sounded right to me, but I was interested in what others thought?

Having re-read the investor presentation from 13/12/18 I believe we're entitled to 100% of the revenue.

link ... https://www.asx.com.au/asxpdf/20181213/pdf/44165d10dfvkhv.pdf

I'm mindful that we've only controlled C10 since the end of January, so in effect we can only claim two months of revenue for the March quarter, but I believe we are entitled to all the revenue for those two months.

We know C10 had revenue of $3.8m (and profit before tax of $1.6m) for FY18. We don't know what has transpired since then. Whilst I don't expect them to keep growing at 100%, any growth on those June numbers gives us further upside.

So if I assume $1m revenue for DWX and $660,000 for C10* I'm expecting to see revenue in excess of $1.660,000 for March. (let's say $1.7m)

(C10* - assume $1m revenue for the quarter x .66 = $660,000. Where .66 = 2 months ownership for the quarter).

It's possible DWX could have a better quarter than December and it's also possible C10 has continued to grow at a strong rate since June 2018.

So at a minimum I'm expecting $1.7m for March.

Based on the same numbers I'm expecting a minimum of $2m for the June quarter as we will have owned C10 for the full 3 months.

Also TSN is sitting on $5m of tax losses so profits can be offset, which further helps cash flow.

Anyway, these are back of the envelope calculations. I'm more interested if I'm on the right track and whether others think things might soon look better than they feel at the moment.

Thanks in advance.