Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-65

The market controls the valuation of any listed company.

The reality is that in early 2021 Kaddy (DW8) became grossly overvalued. Management had nothing to do with the share price going up. Nor did it have any control on it getting back to what the market considered fair value in the second half of that year. Contributors here like Keyhole probably had more control over that than any member of the Kaddy board or management team - as there was virtually no correlation between what was being reported, the fundamentals and the share price during that period. Any skilled investor should have seen the disconnect.

Then it was 2022 and inflation came along. Money supply tightened up and almost every tech stock globally (listed and unlisted) was revalued. Most of the big boys fell 70%. Tech stocks that weren't profitable fell further and those that needs to raise capital took a beating. Unfortunately Kaddy (DW8) fell into the later basket. Add to that the impact of issuing 550m shares to a 'death spiral' fund and you push the share price as low as it can possibly go.

However, now the disconnect between the fundamentals and the share price is in the opposite direction. At $0.04 per share the market cap is about $5m. That's for a company with 7 full warehouses, a fleet of vehicles, unique marketplace technology that's generating 46% quarterly GMV growth on the verge of profitability.

Now that Inflation has capped out and money supply has started to loosen at some point there will be a rerating of small caps / tech stocks.
The long and short of it is that KDY has been totally oversold and once the LLC has fully exited the pressure will come off the share price.