Ann: App 4C Quarterly Report, page-4

Agree. There is a little more transparency in the reporting around timing and customers though.

Plus integration costs for the quarter would have been higher but this is not growing fast enough. Only a couple more quarters of cash before they need to have a think about raising again.

I think Merchant will drive this now though and look for acquisition opportunities. It is clear the existing business is not sustainable unless NowForce drives significant sales growth.

Considering the investment in NowForce and cash levels it is still priced as a shell though.