Ann: November 2021 Monthly 4C ASX, page-57

@OldKoggs,

I will do your homework for you.
FEB 2020 Covid hit and all stocks crumbled AND bud was still working to repay Eastfield the vendor finance.
5 May 20 Buddy enters Equity finance Agreement
22 May Bud raises $2m from Soph and instos
July 20 Strong sales and Ebitda positive as people buy lights for their home improvements.
Aug 20 LIFX receive Largest ever order for smart lights, at $4.3m
28 Aug (market high of 10c.) Lifx announces world first disinfecting anti-bac smart light
10 Sept Lifx breaks record for orders A$10.5m
21 Oct 20 Buddy agrees US $10m Debt reduction with vendor Debt Holder
21 Oct 20 Buddy signs US $20 Debt refinancing binding term sheet
23 Oct Clean passes US tests.

Then the accounting error ( double counted inventory allocation ) was discovered and guidance was retracted. Followed by global chip shortages and transport disruptions caused by Covid. Suspension by ASX for 3 months. Cap raise to restore balance sheet and avoid breech of debt covenants.

The last 12 months saw consolidation of the business with cost cutting and a refocus to get back to where it was in Aug 2020. IMHO, that is well and truly underway with a return to EBITDA positive months, lift in margins to over 45% and reneg of retail contracts for better terms. ( given the great deal of sales are now happening online ).