Ann: Private Placement raises $3.9m, page-265

Hi Kenny. I agree with your first sentence, but there comes a time when a company operating for many years under different guises but with fundamentally the same management can no longer call itself a startup or an "up and comer". If you really think that is what this company is, you simply have not done your homework. Floate was a NED of Cirralto going back to 2014 and was Executive Director of sales from 2017. He took over running the company in 2018. It's pretty insightful going back and reading those old announcements, all the same sort of stuff was being said, i.e. this piece: "The Telstra restructure led to the company redefining its business strategy (…) As such, the Company’s expected customer acquisition rate was adversely impacted which had a knock-on effect in missing stated revenue targets. As a result, the Company has revised its customer acquisition strategy…”

Seriously, read the rest of this ^ September 2018 announcement, including comments from Floate. It's total groundhog day: 43yd7gp8q30g1z.pdf (asx.com.au).

As to your question, yes if they manage to reach cashflow positive then I would happily change my tune. But looking back at literally years and years of underperformance, missed targets, name changes, acquisitions, buzzwords and capital raisings, I'm pretty confident I know where this is going.