Latest quarterly cash flow shows receipts at $1,964k (just under $2M)

Operating costs are a bit higher, for an operating deficit of $388k but both revenue and costs are trending in the right directions.

The current market cap is $13.5M according to CommSec but with $2.3M cash and cash equivalents, that's only $11M enterprise value. The total EV is about 1.5x annual revenue. With a bit more organic growth, that will look cheap.

If these numbers don't improve further, it could be a takeover target, but they don't have to improve much for the company to re-rate. Accounts are fairly clean, eg not capitalising software development, but there are some aged debtors that perhaps should have a provision - looks doubtful to me.

Biggest risk is directors getting their noses in the trough if things turn around via performance shares and bonuses. That has the potential to limit the upside for shareholders. Investors that bought in at the last CR of 15c may yet make good.

TNY is doing a cap raise at 15c, a 25% discount to the last traded price of 20c.

• a non-underwritten institutional placement on New Shares to raise gross proceeds of approximately A$0.5 million
• a fully underwritten2 1-for-4.6 pro rata accelerated non-renounceable entitlement offer of New Shares to raise gross proceeds of approximately A$2.0 million

Market cap (pre-raise) of $12.6M

The cash should add to the value -> so mkt cap should become $15M

Increase in shares from 61M to 78M

Theoretical ex-rights price (TERP value) = 18.9c

In plain words, it's a dilution at a small discount so the share price should reduce to 19c. More likely, new holders will sell at any profit and the short-term share price will be closer to the issue price of 15c.