Hi Jamwolf, My apologies, I should have said digital revenue...

Hi Jamwolf,

My apologies, I should have said digital revenue instead of software revenue.

The FY16 annual report disclosed FY16 digital advertising of $2.93m, subscription revenue of $4.46m and print advertising of $6.54m, for a total of $13.9m.

However, in the FY17 annual report, FY16 revenue digital advertising was $2.38m, subscription revenue was $4.34m and print advertising of $5.78m, for a total of $12.5m.

Reducing last years numbers this year obviously improves the appearance of growth. $1.4m is a pretty significant difference.

If you just take the numbers from the FY16 and FY17 reports, then digital, print and subscription revenue are all declining. So I'm not so sure that declining print revenue is being offset like you suggest.

I agree that the company has a much better strategy and better prospects. But I don't think you can rule out the possibility that some serious number fiddling is going on. And if that's the case, where does it stop?