Hi StrongFlatWite -- i saw your post and wanted to add some thoughts here.

1. Revenue: in the profit and loss statement they call out that 'sales revenue' has increased from $73.5m to $78.4m (this is good news!). But in the cash flow statement they call out that 'receipts from customers' has fallen from $87.5m to $84.7m (this is bad news). I am not smart enough to understand how 'sales revenue' can increase while at the same time 'receipts from customers' can decrease....is it just accounting mumbo jumbo??

This has to do with the timing of things. Revenues are recorded once the transaction occurs, but cash is recorded when the cash is actually received. So a company can make a sale in one period, but not get paid until the next. The financial statements account for this -- the balance sheet balances -- by showing an increase in accounts receivable (an asset). Of course, not all customers may end up paying, in which case the company will inevitably need to make provisions (a liability) and eventually write-down the accounts receivable.

2. Costs: While previously noted 'receipts from customers' decreased, payments to suppliers and employees increased quite strongly from $78.9m to $85.2m. This is a bit scary.

This depends. Growing companies usually see an increase in costs as they ramp up sales & marketing and other costs. Nothing wrong with that -- SO LONG AS THESE ADDED COSTS ULTIMATELY TRANSLATE TO ADDED SALES. If they dont, it's just wasted expense.

3. Assets: The stated assets increased quite strongly over the year; however all from what I call things that are a bit "fluffy". Intangibles non-current assets increased by $7m, accrual revenue (current asset) increased by $1.5m and trade and receivables (current asset) increased by $3m. But the good stuff, CASH, decreased by $3.5m and this is despite a capital raise during the year.

See above. Also, they should provide some more detail in the notes to the financial statements. These changes are referred to as an increase in "working capital" (Current assets - current liabilities). See here

4. Debt and control: there is quite an ominous note in the F18 report...the company did not meet the minimum EBITDA required by their lender (ANZ) and as a result was in breach of a financial covenant that was imposed by the bank. As a result the company has agreed to be bound by new conditions in F19 that include a forced reduction in debt levels. At the same time I am sure I read in a presentation somewhere that they were considering reinstating dividends if F19 goes well.

A very valid point. It could indeed be reckless to pay a dividend at the same time they are looking to reduce debt. The only way to square that circle is if the business generates enough cash to do both (or they are able to restructure the debt)

Hope this helps