Bobby75, Vonex on a pre-acquisition basis of 2SG should be cash...

Bobby75, Vonex on a pre-acquisition basis of 2SG should be cash flow break even this current quarter (ex R&D Grants).

I would assume that most of the new PBX contracts were signed late in the Qtr as COVID started to take effect. The 4C shows a higher COGS as we onboarded new clients with handsets etc whilst cash receipts being in arrears probably won't start hitting until 15-30 days post billing, April/May. This current quarter should be a fairer representation of cash receipts, additionally, we will have our end of year results following this quarter where we will be better able to see Sales and accounts receivable to give us a better picture of things.

Vonex has 1.8mln cash in the bank + the initial 1.75mln tranche from the mining royalty sale. The balance sheet, therefore, is very strong with approx 2.5ys of funding at the current burn rate.

The data in the latest 4C, such as employment costs would indicate to me that 2SG was not included in this set of numbers. Given 2SG is already EBITDA positive circa +$700k, once added to the PBX business we should see additional profitability.

As the latest release clearly lays out, there are a lot of positive catalysts playing out at Vonex currently, all of which are value accretive to us shareholders.