The prospectus laid this one out from the beginning unfortunately. The revenue trajectory .. for what should have been startup in scale fast growth mode was showing a worrying trend:
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The failed to raise more cash in silicon valley .. came to the ASX in the tech RTO boom and took another $5m of Aussie punter's cash and kept on living the dream.
two years later another placement here and there.. no customers, no cash and a new shell.
It costs them around $3m cash .. to earn perhaps $300k revenue this financial year (they were doing better back in 2013!). Most concerningly perhaps, the updates all seem to indicate all is going quite well without any concern for the cash out, being a factor of some 10x the cash in.
Will they pull another 0.5c placement and pump it up like the last time, or is it the last hurrah now?
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