Ok I will fess up. I have lost money on this stock. Now. Lets...

Ok I will fess up. I have lost money on this stock. Now. Lets have a look at the following table. These are actual reported figures from DUB:

	(Millions)	Dec Qtr	Mar Qtr	Jun Qtr	Sept Qtr	4 Qtr Total
1	Qrtly Rev	$2.40	$2.60	$2.56/$2.8*	3.25	$11.05
2	ARR	10.6	13.2	16.1	18.1	$14.50
3	Receipts (inc GST)	1.234	1.46	1.645	2.7	$7.04
4	Operating Cash flow	-2	-4	-3	-2.4**	-11.837
5	Cash + Equivalents	15.336	12.456	18.409	?
6	*Normalised for xchange impact
7	*My Guess (based on reports)

So how does a company have:
1. Qrtly revenue totaling $11.5M
2. An ARR of $10.6M 4 qrtrs ago
3 A series of "strong growth" statements

Yet receipts for the 4 Qtrs equate to $7.04M (this includes some GST, depending on the source).

So, it is yet to collect the ARR of 12 months ago.

If it looks like a donkey, smells like a donkey, sounds like a donkey, why is it prancing around like a thouroughbred?