I won't be able to answer a number of your questions asked as...

I won't be able to answer a number of your questions asked as that would constitute investment advice. But I'll give my views on some disagreements/risks later in my post.

But firstly, what I do try to do is share my thoughts/investment thesis on FLC as I see it at a point in time and my goal is to invite/prompt discussion to help others make their own decisions and/or help me fine-tune my reason for investing in FLC. My view will change over time and has many times with FLC over the years.

Whilst nobody can know for certain whether or not FLC has truly turned a corner... as a retail investor we can only do our own research and learn from our mistakes to try and predict where the company is headed. I have shared my high level thoughts on what I feel is a very compelling business to be invested in at this time, but there are definitely risks out there that should be considered. I believe the positives/potential outweigh the risks and if those risks do come into play, I will re-assess and see how comfortable I feel with my position at that time.

In terms of risk/disagreements, the key ones that I have considered (there may well be more) and feel are worth taking into account are as follows:

1. Ivory Coast project may be hit with substantial delays due to COVID/political instability or other reasons; which is the same risk that all infrastructure companies around the world are facing... however the political side has somewhat calmed down (there was a highly controversial election that just took place where there was risk that long term riots/instability could have interrupted the project, however the large-scale riots/instability never quite eventuated and that risk has somewhat subsided IMO);

2. COVID delays across overall business; this is largely the reason why we probably didn't see much activity in 2020... but the message has been clear from management all year.. the projects/need doesn't go away, however they were just postponed until there was more certainty in the market before going ahead with those projects. With vaccines now being approved, confidence/certainty from customers to invest is likely to improve as the year progresses. Although face-to-face meetings are still likely to be some time away, FLC has shown that they can still execute large projects without these meetings.

3. San Quintin project being cancelled; I have personally already written this project off, but it is technically still in negotiation. This would have been a really good recurring revenue project to win, however the reason why it has stalled is due to the new political party trying to re-negotiate the terms, meaning the project may not be commercially viable for FLC to pursue. As such, I am 100% behind pushing back on customers who are not willing to pay the full value for our technology. But in the short term, the news of the projects termination may result in a dip in the share price - although the company has already given us a good indication that this is the likely outcome.. so the impact to the share price should be minimal.

4. Cash / run-way; this is always going to be a risk that I will closely monitor. And this has always been one of the key risks, purely due to the fact that the business is not yet cash flow positive and our cash reserves were always quite low. The risk of dilution was always there, but with the new debt facility and the large IC cash inflows already received, the expected positive net cash inflows from this project for the next 24 months and the closure of non-core teams/locations.. so the future cash burn and cash run-way (how long until we need more capital) has exponentially improved in the last quarter alone. 4Q20 was a significant quarter in terms of de-risking the business on this criteria.

5. Copy-cat/imitation products coming to market; this is probably something all companies who operate in China will need to consider. And management have highlighted it, and whilst they can't guarantee this won't happen... they have the IP protection in place to challenge it legally, but from a practical stand-point, FLC have taken many years to perfect their technology and the know-how on how to execute it. On top of that FLC are continually improving and will always be ahead of the game when it comes to next gen MABR compared to anybody who tries to copy their existing products. But this risk is somewhat of a luxury to have... if MABR really is that good and it does gain enough traction for other to imitate... then you know you are onto something good. An inherent barrier / moat protecting FLC is that the customers FLC are dealing with are government/state-owned enterprises, which are tasked to meet Beijing's A1 effluent water standard. Those making the decisions on what products to use are staking their own reputations/job/livelihoods on the supplier... so do you go with an unknown knock-off, or do you go with the company who has demonstrated its ability to meet A1 standards in over 160 plants globally and a clear leader in the field?

6. Larger players taking FLC's market share; similar to the above, this may be more of an issue once FLC gains a lot more traction and demonstrates that it is commercially viable to do business in this space. The larger global players in the water space make their money with large projects which require a lot of expensive engineering work, making it almost guaranteed to not only win the capex revenue but also the more lucrative recurring revenue contracts to run/maintain the water plants. And customers are comfortable with this model as that is really all the big companies offer. If the large water players went into the decentralised business model, it would be a total shift in how they do business and also cannibalise their existing business model. They definitely have the means to do this, but the risk to them right now is too high given the market doesn't know any better... give the customers what they want (or know exist) and don't fix what isn't broken. That is where opportunities for disruption appear, and that is what FLC are trying to do.. disrupt the water industry with decentralised fast to deploy, off the shelf water treatment/desalination solutions.