Ahh yes, those dangling golden carrots otherwise referred to as M1-M4.
I'll admit that back in 2016 I fell for the dream hook, line and sinker. I mean after all, what would the market cap look like with a $10 - $40m NET PROFIT representing the bottom line? The dream was kept alive throughout 2017 when PC and MF on several occasions (including the investor 2017 roadshow) maintained that they were still on track to achieve these milestones. However not long after that event I became very wary of management as their confidence, extremely positive dialogue (some call it fluff) simply wasn't translating into actual numbers.
Fast forward 7 months (here we are in the middle of 2018 already) and with little more than 12 months remaining on the clock (i.e. until those milestones lapse) the company has announced that it has closed its Sydney and India offices, shed local staff, is STILL essentially f*rt*ssing about with it's platform to meet the needs of CBA as the original version (BOOM) and initial launch of BOOM2 clearly failed to cut the mustard as a complete solution for 'prospective' clients, and continues to post disappointing quarterly results that can only suggest that the company is facing a very different reality to the milestone pipe dream (particularly M3-M4) that was sold to so many of us over the last couple of years.
Thus the roulette wheel has all bets placed on CBA and this feels to me like an eggs in one basket / do or die type strategy. With receipts of just $127k last quarter (operating deficit of $690k), the expectation that the current LOI with CBA will ultimately translate into a longstanding commercial deal IMO already been factored in to the current market cap of @$40m, and therefore CBA pulling the pin at anytime would IMO be nothing short of catastrophic for investors still living in hope that one day the IAM dream will become a reality.
GLTA
IAM Price at posting:
2.2¢ Sentiment: None Disclosure: Not Held
(20min delay)