Ann: Appendix 4C - quarterly, page-5

Could be Teedes. Until the company can deliver on the recent acquisition and organic growth initiatives that are underway the SP will flounder. The stock has historically been expensive on an earnings basis. You'd only have bought in earlier if you firmly believed in mgmts ability to overdeliver.

This is a highly speculative stock. The macros and industry themes stack up but the bottom line numbers dont. I'll look to accumulate as the numbers improve but to be fair - and I am fair when conducting analysis - the numbers look horrendous. If they cant bank significant sales this qtr then a CR will have to happen as they only have 2.7M left in the kitty. At the operational level they are now expending 3.1M on staff salaries. Clearly they do not have cash on current sales to cover when considering that infrastructure and services (AWS etc) costs are circa 3M. They need to be doing 7-8M in sales minimum (~6M currently).

Growth in sales should come with the increase in FTE (headcount), but any meaningful (certainly growth is observable but not covering expenses) impact has yet to be seen. Its a question of sales/execution. This is why it is a blip in trend. The rate of growth is quite clearly giving them problems. Usually, as a business matures it is less susceptible to such issues.