I like the idea of a $1.8bn addressable market.

Article from Stockhead https://stockhead.com.au/tech/asx-tech-stocks-micro-x-launches-portable-x-ray-bomb-detector-and-archer-nabs-hong-kong-patent/

Great ideas, moved into production now all they have to do is sell them.

ASX Notice 29/9/21

MICRO-X SIGNS US DEPARTMENT OF HOMELAND SECURITY CONTRACT FOR AIRPORT SECURITY PORTAL

Key Points

•  Micro-X has now commenced design work for the overall Airport Portal • Contract worth up to approximately US$2.5M
•  Micro-X leads a global team of subcontractors to integrate overall solution
•  High reliance on automated threat detection to increase security and reduce operational costs

I missed this notice earlier. I normally use Commsec for ASX notices, but for some reason they wouldn't load this morning. They are back now...

ASX Announcement 29/9/21

MICRO-X SIGNS BAGGAGE X-RAY DEVELOPMENT CONTRACT WITH US DEPARTMENT OF HOMELAND SECURITY

Key Points

•  Micro-X Inc. executes its second contract with DHS related to Airport Checkpoint Portal - up to approximately US$1.5m
•  Micro-X will develop a prototype of the new miniature, self-service x-ray scanner
•  Image Reconstruction and Automated Threat Recognition software for carry-on baggage screening will be developed at Micro-X’s new Software Center of Excellence in Seattle
• Micro-X investing beyond the contract requirements to develop the scanner for broader applications in government and commercial buildings, public transport systems and public events

DISC: I hold

Edit~disclosure

MICRO-X SIGNS $8M CONTRACT WITH AUSTRALIAN STROKE ALLIANCE

The ASA has announced $8M contract with Micro-X as 'technology partner' for it's miniature CT scan technology used for pre-hospital stroke diagnosis.

ASA was granted $40 million for its ‘Stroke Golden Hour’ project proposal to transform prehospital stroke care from the Federal Government’s Medical Research Future Fund (MRFF) ‘Frontier Health Program’. 

Announced at 3:56pm today - market will react tomorrow.

Design, development and manufacturing of ultra-lightweight CNT based X-Ray products for the global healthcare and counted IED imaging security markets.

• No profit posted yet.
• In danger of going broke a few years ago and a history of regulatory screw ups.
• Recent substantial holder purchase
• Financials
  • Revenue increase of 189% in HY ending in 2020
  • Cash balance 38 million as of March 2021.
• Impressive IP
• Products in various development stages
  • Carestream DRX Revolution Nano (the Nano) – mobile digital xray device – commercialization stage, accepting orders – CV19 tailwinds.  
  • Rover: Since FDA clearance in July 2020, Micro-X has been focusing most of its sales efforts on securing Rover business with its target military customers in the Australian, US and UK armed forces. Agreements for distribution with dealerships in USA and Europe. This agreement for sales of Rover units totaling $1.4 million has been enabled by the World Health Organisation – demonstrates the attractiveness of Rover’s flexibility and extreme mobility across a broad range of operational scenarios.
    • AUS
      • 17-Dec-2020:  $1.3M Rover contract with ADF
      • Veterinary market use as of 1 July 2021 (x ray altered slightly for their use)
    • USA: FDA approved, US healthcare mobile xray market estimated to be 170m annually. DOD Vet Affairs are one of partners being supplied Rover?
    • Europe: 3-year term distribution agreement with Roesys (Germany) – company will promote, market and distribute Rover tech in hospitals and other areas.
  • IED x-ray camera – development stage – first public showing in April 2021 @ Army Robotics Exposition 2021.
  • Airport Self-Service Security Checkpoint – US homeland security – up to 4 mil contracts

How to monitor going forward

• Roll out of Mobile DR sales of Nano and Rover.
• TGA approval for Rover to be sold in EU and AUS.
• Rover/US military – contract later in year?
• Growing veterinary market due to attractive price point and user centric design

DISC: NOT HELD

There is a push towards devices/testing  at POC (point of care; think on spot pathology tests, portable x-rays/screening), this is an expanding segment in healthcare.

MX1 and EMV are both approaching a portable screening device but with different tech

MX1

• Miniaturised x-ray process
• FDA approval for some products
• Manufacturing
• Revenue/cash

EMV

• Microwave tech
• Cash

Both were awarded grants by the stroke alliance Aust for an in ambulance solution, critical in saving lives. If the ambos can determine if the cause is a blood clot or brain bleed, treatment can be given on the spot.  Time delay is critical in having good outcomes for stroke patients.

It’s unclear who is ahead in the stroke detection device, both are in testing phases.

EMV is solely focused on the stroke detection device, MX1 has products from portable infield x-rays to luggage scanners for airports.

International Competition – Nanox

Israeli company listed in the US recently to much fanfare. Also tackling the smaller x-ray device as per MX1. FDA approval for its 1st device Apr this year.

Nanox is also tackling cloud storage and AI detection of scans, unsure if this is innovative tech as it already exist in various forms. Major selling point seems to be targeting reduced costs and efficiency.

Held MX1, Watching EMV

01-Mar-2021:  MX1 - Successful MRFF Funding Award

Australian hi-tech company Micro-X Ltd (ASX:MX1), a leader in cold cathode x-ray technology for health and security markets globally, is pleased to announce that the Australian Stroke Alliance, of which Micro-X is a member, has been advised of an award of funding under the Federal Government’s Medical Research Future Fund ‘Frontier Health Program’ for the development of lightweight stroke diagnostic imaging technology targeted at pre-hospital stroke diagnosis in air and land ambulances.

Key Points

• Australian Stroke Alliance (ASA) awarded MRFF grant – subject to formal contract
• ASA project objective is for patient imaging testing of lightweight brain CT scanner for prehospital stroke diagnosis in air and land ambulances
• Micro-X is the ASA x-ray imaging partner and will receive $8.0M over the life of the project
• Early work to focus on development of the ‘Ring Scanner’ brain CT imager to collect patient image data
• Refinement of image processing algorithms with the Melbourne Brain Centre planned to validate diagnostic capabilities and form basis for product regulatory approvals
• Addressable global market of $25 billion

Overview of MRFF Frontier Health Grant

On Friday 26th February the Federal Health Minister, The Honourable Greg Hunt, announced $100M from the Federal Government’s Medical Research Future Fund (MRFF) ‘Frontier Health Program’ across three projects for the development of new technologies to improve diagnosis and treatment of stroke, epilepsy and lung disease.

Of these three, the MRFF has awarded $40M to the Australian Stroke Alliance for its ‘Stroke Golden Hour’ project proposal to transform pre-hospital stroke care in road and air ambulances. The award, believed to be amongst the largest medical research grants ever to be awarded in Australia, is subject to formal contracting requirements which are expected to be completed in the coming months.

Micro-X was selected to join the Australian Stroke Alliance because its unique cold-cathode x-ray technology offered the potential to miniaturise diagnostic brain CT imaging so that a scanner could become small enough and affordable enough to allow widespread pre-hospital stroke diagnosis and treatment in road ambulances with air ambulances offering unprecedented stroke care in rural and remote regions.

Micro-X’s Role in the ‘Stroke Golden Hour’ programme

In Stage One of the ASA Frontier Health programme, Micro-X successfully completed imaging trials on cadavers with the Melbourne Brain Centre and then started developing cone beam tomographic image reconstruction algorithms. This early work yielded early and promising imaging performance that, with further clinical and technical input, has the potential to approach the current diagnostic standard of care, a conventional x-ray 8-slice helical CT.

Micro-X’s work in this second stage of collaboration with the ASA will focus on four areas:

1. The engineering development and prototype construction of the scanner equipment to meet the operational requirements of the patient, operator and tele-health interfaces in the road and air vehicle environment.
2. Continuing algorithm development and refinement of image processing so that the image quality exceeds the current diagnostic standard of care, initially using cadaver imaging and then using patient image data gathered using the prototype scanner.
3. Vehicle integration and data communications designs based on research of workflows in mobile, point-of-care stroke diagnosis and treatment.
4. The validation of the diagnostic imaging performance of the ‘ring scanner’ against the current imaging standard of care as a pre-cursor to preparing regulatory submissions.

In this program Micro-X plans to build on established relationships and formally subcontract with Fujifilm in Japan, the Johns Hopkins University in Baltimore and the MADA Health Collab Team in Melbourne for key elements of the above project streams. A close collaboration with other ASA members is also planned, particularly the Melbourne Brain Centre at Royal Melbourne Hospital, the Australian Stroke Foundation, ambulance designers and operators and the Royal Flying Doctor Service to ensure the best inputs to every aspect of the design process.

Micro-X’s design work in-house is based on common-use technologies in development for other Micro-X products, particularly the new mini-tube array, image reconstruction software, and compact, fast-switching high voltage generator used on the airport checkpoint security portal. Funding of $8.0M receivable by Micro-X from the ASA will be planned for the first three years of the programme, based on the final contractual arrangements once those have been put in place.

The Micro-X collaboration with the ASA in this MRFF program will position the company for mature pilot systems that can be formally verified and submitted for future regulatory approvals and then rapid commercialisation. The global market for such an in-ambulance CT scanner is estimated at $25B and there is strong incentive for investment in this area; if stroke diagnosis and treatment is delayed patients are at risk of increasing levels of permanent disability which can easily cost healthcare systems up to $150k per patient per year.

--- end of excerpt - click on the link at the top for the full announcement ---

17-Dec-2020:  MX1 - $1.3M Rover contract with Australia Defence Force

Remember - this is a $128m microcap company, so a $1.3M contract is material to them, particularly as it is for their second commercialised product, the Rover - a mobile digital x-ray machine that is designed to be easily wheeled over uneven ground - outdoors.  It's basically one of their DRX Revolution Nano units except all army-green and stronger, tougher, more durable, yet still lightweight for its size.  Here's today's announcement:

MICRO-X SIGNS $1.3M ROVER CONTRACT FOR AUSTRALIAN DEFENCE FORCE

Saab Australia, Prime Contractor for the Australian Army Deployable Hospital, signs at a ceremony in Adelaide

Adelaide, Australia, 17th December 2020: Australian hi-tech company Micro-X Ltd (ASX:MX1) (Micro-X), a leader in cold cathode x-ray technology for health and security markets, is pleased to announce the Company today hosted Saab Australia at its facilities in Adelaide for a formal signing of the supply contract of the Rover mobile x-ray unit for the Australian Defence Force’s Deployable Health Capability Program (JP2060 – Phase 3).

ADF Deployable Health Capability Program and Micro-X contract

Saab Australia signed a contract worth $337M with the Australian Department of Defence in September to deliver and support deployable military and humanitarian hospitals for use in Australia and overseas. Saab has partnered with Aspen Medical, Philips Healthcare Australia & NZ, Broadspectrum and Marshall Land Systems to deliver an integrated, scalable and modular solution to meet the Australian Defence Force’s (ADF) current and future deployable health requirements. This will include the delivery of more than 550 deployable medical modules, complete with critical support infrastructure. Today’s signing at Tonsley was attended by Saab Australia Managing Director Andy Keough, senior managers of Saab Australia, and Senator the Hon David Fawcett.

Micro-X’s Rover, which was specifically designed for use in this Australian Army operational environment, was recognised by Mr Keough during the ceremony as an example of a world-leading technology and capability from Australian industry which the Department of Defence has helped to create and now introduce into service through the Innovation Hub program. The event also gave the attending personnel an opportunity to put the Adelaide-designed and produced Rover unit through its paces and learn how local technology has answered the needs of a challenging operational requirement to improve the healthcare available to those who go in harm’s way.

Under the contract with Saab, Micro-X will supply Rover systems to meet the project delivery schedule with ancillary support equipment and spares totalling $1.3M as well as reusable, ruggedised shipping containers.

Background of Rover

Defence forces around the world share a policy objective to provide soldiers in combat with no less a standard of medical care than they can expect at home. However, the weight of most hospital-grade mobile x-ray units means that, prior to Rover’s CNT technology, only small-animal veterinary x-rays were light enough to be deployed by the military. The ADF’s Joint Health Command first identified in 2015 that Micro-X’s CNT technology could provide the world’s first mobile x-ray unit with full hospital-grade performance and also be light enough to be deployed in an Army medical facility.

Micro-X was awarded a contract from Department of Defence’s Innovation Hub and successfully developed and demonstrated diagnostic quality imaging with the extended power needed for trauma imaging of combat soldiers. From this contract the Rover product was born and the engineering development of the ruggedisation and other features to adapt to the deployed military environment was completed earlier this year with the receipt of United States FDA 510(k) approval.

Micro-X is pleased and proud to have partnered with Fujifilm Australia as supplier of the digital flat panel detectors and imaging software for this product. The lightness and robustness of the Fujifilm D-EVO II detector makes it ideally suited for military use and the extra sensitivity of the Fujifilm ISS detector technology further extends the Rover’s operational performance.

Background of the JP2060 Program

The ADF Deployable Health Capability program (JP2060 – Phase 3) is a turnkey project to deliver and support a transportable health capability able to be utilised both in Australia and overseas both in support of military operations and of humanitarian aid and disaster relief activities. The health facility to be delivered, allows for three roles of healthcare as per the NATO Logistics protocols for medical support: Role 1, Primary; Role 2, Triage (including resuscitation, emergency surgery, labs, pharmacy); and Role 3, Specialist (including specialist surgery, diagnostics and lab). The contract includes supply of physical structures; power, water and waste disposal facilities; systems for generation, storage and distribution of oxygen; and the supply and support of all diagnostic and therapeutic equipment.

Micro-X’s Managing Director, Peter Rowland, commented:

“We are delighted to execute this contract with Saab Australia and excited that our Rover is set to enter operational service with the Australian Defence Force. We’ve had enormous interest in Rover from military forces world-wide because no other product offers such high performance in such a lightweight package. It’s important for us that Rover was born here with the ADF backing Australian technology through their Innovation Hub to improve their operational capability.

Now, Australian Army medical x-ray technology leads the world and this will greatly help our current sales activities in both the US and UK. We also look forward to supporting Saab’s other international sales efforts with deployable hospitals, now led from Australia.”

Saab Australia’s Managing Director, Andy Keough, commented:

“Saab is delighted to be partnering with Micro-X to supply mobile x-ray technology into the nation’s Deployable Health Capability, born from an innovative SME identifying a gap in the market and a partnership with the Department of Defence’s Innovation Hub to commercialise the solution, Micro X’s Rover system is an excellent example of the opportunities for SMEs as we continue to grow our sovereign industry capability.”

--- ends ---

Also - recently - 15-Dec-2020:  MX1 - Jim McDowell rejoins Micro-X Board

Now that Jim McDowell has resigned from his SA Government role (Chief Executive of the Department of Premier and Cabinet working for the South Australian Premier, Steven Marshall) to move back into the private sector as Group CEO of Nova Group, an Adelaide based global provider of technology services and solutions for defence, aerospace and critical infrastructure industries, he is now free to resume his previous director roles and he has already agreed to rejoin the MX1 board. 

Another Adelaide company that Jim used to be a director of is Codan (ASX:CDA), one of my most successful investments - ever - they were up another +10.53% today after putting on +5.11% yesterday on the back of yet another profit/earnings guidance update (another upgrade).  I'd made money on CDA previously, however since buying back into CDA in July 2018 at $2.87 (average price paid over two tranches), they've put on +287%.  They closed at $11.13 today.  I've trimmed the position on a number of occasions, but I still hold a decent position in CDA.  However Codan has never been on my Strawman.com scorecard.  By the time I thought of adding them, they just seemed too expensive, and yet they just kept going up, as really good companies tend to do.

Micro-X however is one I do NOT currently hold, but they ARE on my Strawman.com scorecard.  If I had more capital to invest, MX1 would be up there on my list of companies to add to at least one of my existing real-life portfolios.  There are plenty more I'd LIKE to be holding if I had more funds to invest.  Micro-X is certainly one of those.  I think I just said the same thing twice.  Must be the Jameson... 'Night!

22-Oct-2020:  Micro-X Quarterly Cash Flow and Activities Statement

Highlights for the Quarter

• Customer receipts for the Quarter of $1.9m
• First sales of Rover - $1.4m for Pacific island countries facilitated by World Health Organisation
• Submission for MRFF funding of Brain Tomography project for ambulance stroke diagnosis
• Development work on-track for MBI image testing and in-house high-power generator
• Key hires to strengthen strategic sales marketing capabilities
• Closing cash balance of $15.5m

--- click on the link above for more ---

[I do not currently hold MX1 shares, but they are on my Strawman.com scorecard.]

30-Sep-2020:  Micro-X Market update - First Sale of Rover

FIRST $1.4M CONTRACT FOR ROVER LAUNCHES MICRO-X SECOND PRODUCT

World Health Organisation deal for Rover into Pacific Island Nations

Adelaide, Australia, 30th September 2020: Australian hi-tech company Micro-X Ltd (ASX:MX1), a leader in cold cathode x-ray technology for health and security markets globally, is pleased to announce that today it has signed its first contract for sales of Micro-X’s second product, the Rover.

Key Points

• $1.4M contract facilitated by World Health Organisation for Rover X-ray units

• Delivery to Governments of a number of Pacific island nations

• Extended sales strategy for Rover – where rugged and expanded mobility features are attractive

Commercialisation of the Rover

Since FDA clearance on 20 July 2020, Micro-X has been focussing most of its sales efforts on securing Rover business with its target military customers in the Australian, US and UK armed forces. In addition, the Micro-X sales team has been exploring other deployable applications where the rugged and independent operational capabilities of the Rover offer practical customer benefits. This agreement for sales of Rover units totalling $1.4 million has been enabled by the World Health Organisation and demonstrates the attractiveness of Rover’s flexibility and extreme mobility across a broad range of operational scenarios. Deliveries, via an in-country agent, are destined for the Governments of a number of Pacific Island nations and are due to be made from Adelaide in the next 4 weeks.

This marks a first success for the Company’s new direct marketing strategy for Rover which enables the Company to move up the value-chain compared to our earlier OEM business model.

--- click on the link above for the rest of this announcement ---

20-7-2020:  Micro-X Receives Rover FDA 510(k) Approval

‘ROVER’ MOBILE MEDICAL X-RAY RECEIVES US FDA 510(K) CLEARANCE

Regulatory clearance of the Rover in only 5 weeks - Micro-X’s second commercial product for the US market.

Adelaide, Australia, 20th July 2020: Australian hi-tech company Micro-X Ltd (ASX:MX1) a leader in cold cathode x-ray technology for health and security markets globally, is pleased to announce it has received 510(k) clearance from the United States Food and Drug Administration (FDA) for its ‘Rover’ mobile X-ray product which is designed for deployed military medical facilities.

--- click on link above for more ---

01-Jun-2020:  Market update - Micro-X Rover Testing Complete

17-Apr-2020:  Micro-X - $15M Placement & Underwritten Entitlement Offer

Non Renounceable Entitlement Offer Prospectus

Australian high-tech company Micro-X Ltd (MX1), a leader in cold cathode x-ray technology for health and security markets globally, is pleased to announce that it has received funding commitments totalling approximately $15.0 million, being a Placement of $8.75 million and a fully underwritten Entitlement Offer of approximately $6.25 million at 14 cents per share.

Key Points

• $8.75m of commitments received for a Placement to sophisticated and professional investors
• $6.25m Non-Renounceable Entitlement Offer on a 1 for 5.6 basis - fully underwritten
• Funds from the Offers will be used to accelerate Nano scale up in response to COVID-19 demand, accelerate commercialisation of Rover product including high power generator and add funding runway
• $15m funding from Offers plus $8.1m cash at 31 March 2020 provides funding runway into 2022
• New institutional investors to join the register
• Prospectus for the Placement and Entitlement Offer to be lodged today.

Purpose of the Offers

The Company intends to use the proceeds of the Offers to fund key growth strategies, including ramping up of Nano production in response to COVID-19 driven demand and positioning the Company to capture as many Nano sales as possible.  The Company will also accelerate the commercialisation of the Rover product for the military market with an FDA filing and first sales targeted in 2020.  The planned high power generator project will also be accelerated to enable the high powered Rover product from 2021.  The detailed Use of Funds is set out below:

USE OF FUNDS – PLACEMENT + ENTITLEMENT OFFER  

• Nano - Scale up & inventory:  $4.00m
• Rover - High power generator:  $3.50m
• Rover - Regulatory & Commercial launch:  $1.00m
• Mobile Backscatter Imager - Development:  $1.50m
• Commercialisation & Working Capital:  $4.00m
• Costs associated with Placement & Entitlement Offer:  $1.00m
• Total:  $15.0m 

... click on links above for more...

I do hold MX1 shares, but I bought them at 12 cps most recently, and at lower prices prior to that, so don't think I'll be topping up at 14c (won't be exercising my entitlement) at this stage.  I only have a small position, because this is a very small company that has experienced some regulatory issues over the past couple of years, in terms of sticking to all of the ASX listing rules.  I'm hoping that's behind them now that sales of their first device, the DRX Revolution Nano (mobile digital x-ray device), have taken off and they can afford to put on more staff (including hopefully someone who can better monitor their compliance obligations).  It appears to have been mostly oversights rather than poor behaviour but the associated trading suspensions and court costs incurred by the company have been annoying and a distraction for management as well.  At least MX1 management don't seem to have an axe to grind with the ASX, like ANO and ISX seem to have. Anyway, I still consider MX1 to be at the higher end of the risk spectrum, so I keep my position relatively small. I also often sell out of them completley when the share price gets a little rediculous (on the high side) and then buy back in when the hype dies down again.  If you have a gander at their 3-year chart, you can see that the overall trend has been negative but that within that there has been a lot of volatility and chances to profit from that volatility.  I think that they may have turned the corner now, in terms of finally having a product that is actually selling and bringing in some revenue for them, and COVID-19 has provided them with a handy short-term tailwind actually (as their device is used to help diagnose/treat coronavirus patients via chest x-rays) but they're still not profitable.  Too many irons in the fire.  Their time will come.  Hopefully.  But still high risk at this point. 

07-Apr-2020:  Major Nano Adoption Over $1M New Australian Orders

That announcement was not added until after 4pm this afternoon, but MX1 had already risen +12% from 12.5 cps to 14 cps today.  I would expect some more of that tomorrow on the back of this announcement.  These Australian orders are on the back of the overseas orders that they've previously reported as the DRX Revolution Nano mobile fully-digital x-ray device that incorporates their cold cathode x-ray tech (carbon nanotube technology) is being used in the fight against COVID-19 to x-ray patients' lungs.

Further reading:  https://www.carestream.com/blog/2019/01/22/carbon-nanotube-technology-in-medical-imaging/

26-Mar-2020:  MARKET UPDATE – INCREASE IN NANO PRODUCTION ON RISING GLOBAL DEMAND

Adelaide, Australia, 26th March 2020:  Australian hi-tech company Micro-X Ltd (ASX:MX1), a leader in cold cathode X-ray technology for health and security markets globally, provides the following Market Update of a major scale up in production of the Carestream DRX Revolution Nano (the Nano).

Since last updating the market the Company has seen further increased demand for Carestream’s Nano product to meet the rapidly growing global need for diagnostic X-ray imaging associated with the COVID-19 pandemic.  The Board of Micro-X has today approved a strategic decision to position the Company for these changed market conditions by scaling up the capacity and readiness of the Nano production line.  This is to ensure Micro-X can meet the burst-order volumes and reduced delivery time requirements which characterise this new global purchasing trend.  

Key Points:

• Additional $0.6M Nano purchase orders – total orders this Quarter now $2.4M
• Changing market conditions - sustained, major increase in demand for mobile x-ray units
• Meeting high volumes with < 4 weeks delivery times now key to securing Nano orders
• Nano production peak capacity scaling up to 2 units per day
• Cost benefits with higher production volumes and reduced cycle times
• Supply chain secured with staged investment in inventory and finished goods
• Small CapEx investment in equipment for increased tube manufacture throughput
• USD strength against AUD increases customer receipts and overall gross margins
• Prudent cash management in all other areas of the business to manage funding runway

[click on link above for more]

I had questions whether MX1 would survive - a couple of months ago - but COVID-19 appears to be providing them with a useful tailwind - and much-needed revenue.  They are looking rediculously cheap now at around 10c per share.  However, remember that they have never posted a profit.  They are a young company with some good IP, some great ideas, a number of products in various development stages - but only one product that is actually selling - the Nano (as detailed above).  They're flying right now, but things can still go wrong for them when the current situation normalises.  MX1 have a history of regulatory stuff-ups in terms of breaking the ASX listing rules (apparently unintentionally) and then having to call trading halts and get court orders to allow them to file various forms with the ASX later than what the ASX listing rules allow.  The court orders have so far gone in their favour and have removed the option that the ASX might suspend them from trading for breaching their rules, but the risk remains.  In my view, they weren't entirely prepared for life as a listed public company, they didn't hire someone with the necessary compliance experience to look after that side of the business, and they've been primarily concentrating on product development.  Clearly their compliance has suffered as a result.  Hopefully that is all behind them now.  It's probably cheaper to employ an experienced and competent compliance manager than to keep going to court as they have been to keep the ASX off their backs.

So - what I'm saying is that there are risks, but I think those risks are diminishing with each of these recent positive updates.  I think Micro-X are getting their sh!t together finally, and I think they are going to be trading at significantly higher levels in 12 months and 24 months time.  That's why I've been adding them to my scorecard.

31-Jan-2020:  Quarterly Cash Flow & Business Update

Not well received by the market, with MX1 down -11.76% on the day (from 17cps to 15cps).  They believe they now have enough cash to get through to 2021 but their sales receipts were once again below expectations, being only $0.784 million for the Dec 2019 Quarter (Dec 2018 Quarter: $0.278 million).  Their costs were over $4m.  If it wasn't for another capital raising during the quarter as well as $3.153m in government grants and tax incentives, they would have gone broke.  Unfortunately, for a company that shows as much promise as they do (a lot!), their history has been littered with capital raisings (many of which, like this most recent one, did not involve ordinary retail shareholders) and regulatory stuff-ups.  They have had their shares suspended from trading on numerous occasions due to "oversights" that have resulted in them disobeying the ASX listing rules, and some of those have resulted in MX1 having to obtain relief via the courts.  They have great tech, and quite possibly a very bright future, but they have been underfunded and probably understaffed with regard to administrative personnel who fully understand the requirements of being an ASX-listed company in Australia.  It's been a rocky road indeed for MX1 shareholders.  I tend to trade them these days.  Buy low, sell high, and wait for them to stuff up again, rinse and repeat.  They are trading at 15c now, half a cent off their 12-month low of 14.5c, and they were trading at 33.5c in October (less than 4 months ago).  They look like good buying here as they always seem to find a way to stay in business, despite their obvious occasional incompetencies, and they will probably one day get their sh!t together.  However, they are NOT without risk.  They are not yet profitable, and based on past experience predicting when they WILL be profitable is a hard thing to do.