No party, page-521

cmon mate, i want this to succeed just as the other shareholders.. but why are you pretending like nothing's gone wrong here to warrant people's dislike for the company.

Here's a little summary of some shitty stuff that absolutely warrants people being annoyed and disliking Novatti:
- Share price is destroyed, and is BELOW their IPO price about 8 years ago.

- In the process of losing shareholder money, directors have pocketed a F$&# ton of money, at our expense

- The company has been burning a shit ton of money and hasn't fixed any issue regarding cash flow. Here's a direct quote from Peter Cook on 29 July 2022 announcement:
"Notably, we have already shifted our focus to delivering positive cashflow.... We expect Novatti’s cash usage rate to continue to fall in the quarters ahead."
So, it's been 1.5 years later from their "focus" shift, and they still haven't delivered on that "focus". This is literally a big fat failure and a borderline lie tbh.
September 2022 Quarter Net Cash from Operating Activities: -$2 mil (If you exclude government grants given, it was -$3 mil)
September 2023 Quarter Net Cash from Operating Activities -$3.5 mil
Those are disgusting results for a business that was aiming to get to cash flow positivity. It's literally gotten worse...

Here's another quote from Peter on 31 October 2022:
"The 4C shows we have about 7 quarters of cash left, but that will actually strongly increase once we receive the Reckon Special Dividend funding".
And 4-5 quarters later here we are having a cash raise. What a load of BS.

Then when Mark Healy did his first presentation for July 2023 there was just no mention of the goal of cash flow positivity. Peter spent 12 months preaching and preaching about this goal, then it just vanished and they acted like no one would notice. Absolute scum behaviour TBH and disgusting communication to investors.
At least he addressed it briefly in the October 2023 presentation... saying they aim to have it by the end of this FY... lets see if they can deliver on a statement for once.....

- What happened to Emersion? haven't heard them mention that in ages. A year ago Peter said it wasn't doing as well as they hoped. Another poor decision?

- ATX? Bad acquisition all around. Dropped off in sales heaps. Poor decision by the BOD.

- Full banking license? Peter said they expect it within 12 to 15 months of the RADI being granted. Soo... if my count is correct, it's currently been about 14 months. Not looking so good ay? Seems a bit concerning that we haven't heard much about it either and we're struggling with cash. Thought maybe the cash raise was to fund that, but there was no mention of it..... Wouldn't be surprised if they handed the license back and gave up... concerning stuff....


Also something kind of suspicious is that the March 2023 investor presentation was never uploaded to youtube... Anyone know where I can get that.

I will leave you with an extract from the 2023FY annual report:
"The Group’s ability to continue as a going concern is dependent upon its ability to generate positive cash flow from its
business operations. The above matters described indicate that a material uncertainty exists that may cast significant doubt
about the entity’s ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge
its liabilities in the normal course of business."

Doesn't look like the cash flow positivity is coming... therefore.. is this still a going concern??