VPC Chart, page-368

I think this quarter will see an increase in costs due to integration and roll out (expected to be complete end of March). Sales may remain constant or lift a little but not expecting much.

However their reporting transparency is poor as in their last 4C they report higher revenues and lower net cash used upfront but fail to remove the one off's such as the R&D grant from the % increase figures. Not a way to gain the trust of the market. Writing goodwill off to zero whilst conservative isn't exactly a ringing endorsement by the accountants/board of the product either.

NowForce has to be the saviour here (depending on how much of the $25,000 fee they receive) and what the distribution proceeds split is for resale of Velpic overseas. Key thing is they're backed by Verint Systems and will likely leverage a very large network of customers.

Close enough to cash/investments backing now to have a think about investing but not exactly appealing - will burn significant cash this quarter and only has a couple of quarters to get going before another raising is required.