Connecting the dots, page-55

That will teach me not to post while trying to run out the door.

I took FY17 revenue figure from the 4E, not the financials which did include interest and funding however, that now raises the question of what should be included in the 4E as revenue from ordinary activities. I have shares in a couple of species that only have interest, grants and funding as revenue yet the total is disclosed in the 4E. Other companies include operating revenue yet leave out interest. CBA throws in everything. WES includes interest. Any accountants out there?

But, accrual accounting does not completely explain why stated Sept Q revenue of $255,073 was not collected in the Dec Q. Even if the bulk was invoiced on 30 September, 90 day plus outstandings are not the norm in big business. 30 days is good and 45 days is also acceptable in some industries. Over 60 days is an issue.

The cost of GSW's services is a very small part of the operational costs of its big partners and I would expect prompt payment especially to a start up. The SMEs who may or may not have cash flow issues apparently pay up front. So why the discrepancy? Did they include R&D in that revenue figure? That could explain why the monies were not received the following quarter.

I don't know. But I hope it does get explained somewhere down the track.