That's a good pickup Eqz. I went back and looked at the last two...

That's a good pickup Eqz. I went back and looked at the last two years of quarterly reports to see what history PIQ has of reporting the receivables.

Debtor terms
The annual report notes mention that debtor terms are 60 days, so any trade receivables at the end of the quarter should be collected in the following quarter (eg. Note 5 of 2018 Annual Report):


Trade Receivables mentioned in Quarterly reports

There are three mentions of trade receivables balances in the last two years: June 2018, June 2019 and September 2019. In each instance, the amount collected doesn't reconcile to the trade debtor balance:

	Quarterly Report	Trade Receivables reported	Customer Receipts in the following quarter	Notes
1	30 June 2018	$400k	$363k	Trade Rec could be gross of GST (not usually how you would account for it but the maths works)
2	30 June 2019	$450k	$373k	n/a
3	30 September 2019	$320k	$74k	n/a
4	31 December 2019	$1,540k	?	n/a

Either way, $1.54m is big biccies so it will be very interesting to a) see what lands in the March 2020 quarterly report and b) if there's further detail in the December 2019 interim report (which you'd expect to land very soon)

Cash flow data

I've included the quarterly cash flow data from the last two years and included the screen shot below if of interest to anyone. I've also included the forecast outflows that they put at the end of each statement. Clearly they have no ability to predict their outgoings each quarter, but I thought it was interesting to see R&D, product manufacturing (!), and staff costs increase substantially...clearly ramping up for the expected growth.