Just what we needed, page-164

I only back to the start of 2015 and Covata has always delivered its Quarterly Reports on the last business day of the month after the close of the quarter. So Friday 29 April should see the Quarterly Report to the 31 March 2016. Now the quarterly report is only meant to really cover the activity in the quarter up to the actual end of the quarter with maybe a comment on the future. Covata has always blended its Quarterly Reports to provide a status update as at the date of the report ... blurs the achievement against key forecast and milestones. I am looking forward to report on Friday. Given the timing difference between Australia and the USA, I would expect the report to be release in the morning (up to noon) or after ASX market close (after 4:10pm) ... given the team in the USA needs to sleep after US market close.

Question about capital raising:

* If Covata goes to external funds to raise capital, then I agree that releasing good news first to raise the share price, and then seeking a placement with Funds and other rich investors should be done at a later date and higher price ... shouldn't be giving away capital again at a ridiculous value like they did with Fidelity - Colt (owned by Fidelity) hasn't deliver any real value yet.

* If Covata raises capital only via a SPP program, then I would see this as a thank you and reward for current investors if the entitlement date lines up with the date of the announcement.

Regarding revenue, based on what we have experienced so far, from the time a deal is announced, then it may take 3 to 6 months before any product revenue starts to flow. I am not sure about any design and implementation consulting revenue as I haven't really heard this discussed in previous Covata reports or presentations. Conclusion I draw from this is that we don't see "mind blowing" revenue figures in this quarterly report, then Covata will need to do another capital raising or take out a loan in the near future ... with staff numbers above 50 and with offices in at least 4 locations, the cash burn will be high.

I am still very positive despite what is reported tomorrow unless a huge negative is reported. Best of luck all.