My observations from the Sep 2022 4C.

• Cash burn up to 2.7m over last four quarters of 1.7-2m. Main variation from the last few quarters is "admin/corporate costs" and "indirect taxes."
• Sales and revenue growth steady, but not super impressive growth.
• 8m cash in the bank, so 3-4 quarters left.

I'm watching the next 4C with keen interest. If the growth trajectory doesn't resume and the cash burn doesn't reduce, I'm out. Market not impressed so far.

Disc: Held.