Ann: Retail Entitlement Offer Document, page-7

I wasn’t going to weigh in with my 2 cents worth before the cap raise, but sometimes I can’t help myself. I think regular visitors to commentary on HC for this stock will know my sentiments. I just wanted to commentate a little on risk,: How I evaluate it, what it means to me and why it matters.
There are plenty of books out there on portfolio management and I don’t intend to repeat any of those Mantra’s.
I firmly believe that at this end of the speculative market the intangible elements are key to success.
ADS management have not, up to now, covered themselves in glory. But, they have stumped up a lot of the cash in the last few cap raises. That indicates faith and commitment to their product (apart from Triscari who owns zero shares).
The product certainly seems to fill a developing vacuum, and although the lack of growth to date may indicate an industry path that ADS has neglected to point out, that void still exists.
The positive cash flow last quarter was admittedly small, and not lauded by the management, so may have been more about timing than a BEP.
Regardless of the above, the commitment so far, plus management support for the spp should see this outfit to profitability. Given that the relationships the company has, Symphony revenue and the impending demise of Cookies, to value a Tech company like this at its cash backing is the kind of risk every speculative investor should find attractive imo.
I am aware that I might lose my money….That is a risk I am prepared to take.
all imho