Ann: Step One Clothing FY22 Trading Update, page-55

I don’t think the issue really is about the product , the market , the cash on hand or even the current valuation . I think the issue with this business now is how do you ever trust any information they put out . Their accounting seems to be incredibly slip shod at best . Firstly oops we have to pay more GST than we thought and now oops our operating costs are actually double what we thought two months ago .They clearly have no handle on the key metrics of running the business . My disclosure is I sold 4 hours into the IPO making an 80% profit and have watched with horror and relief ever since . They would not get any of my cash at any price after what I’ve seen .