From where, in say the next eighteen months, is any significant...

From where, in say the next eighteen months, is any significant cash flow likely to emerge?

Management veer wildly between a policy of conservative management of the business (only projects with quick returns, careful cost management) and taking up every shiny project somebody dangles in front of them. eg, the launch of the wonder skin cream in Australia. Can they really believe they can launch a product on the consumer market without significant marketing expenditure? Great idea to get somebody else to do it, as in US, but under their own steam, with no sales organisation or experience?

The result has been two hugely dilutive share issues - each out of the blue - in 18 months. The commercial ineptitude of this management will presumably lead to a third next year some time, etc, etc.