At a guess they are using the accrual method of accounting, whereby revenue is what has been earned during the period, (not the period when the cash is received) whereas cash receipts are funds received.
As the business main source of income is a "pay as you go" type, it could well be 60-90 days before cash receipts match revenue noted in previous quarters.
According to their June quarter 4C, "income" (a word they have now changed to revenue) was stated as $481,838 for the year. Audited full year revenue was $336,356. Why the difference?
**The difference as per the financial report is for interest earned and the research and development tax concessions = $145,000
This gives you $481,000.
GSW Price at posting:
$2.92 Sentiment: None Disclosure: Held
