Ann: Investor update presentation, page-3

I'd say so. The tank must be near empty.

In 2018, the Board failed to properly address CT1's working capital needs. By year end, the market interest in tech-IoT stocks totally diminished and CT1's burn rate was too high. The company alluded to a series of possible acquisitions opportunities but nothing materialized. It was clear, CEO & COO (founding shareholders) resigned in February 2019 to reduce costs. The company retained the CTO (also a founding shareholder) which was fortunate.

I sense contract development has been the biggest source of revenue growth. Not surprising because their IoT development team capability looks very good. The CCP Solution is impressive and I understand they've used in-house staff to develop hardware, firmware, software, blockchain and key platform features (e.g. big data analytics, machine learning & AI). Those resources are now the foundation to offer development services to other customers. The CTO seems very switched-on.

We've been waiting for the Board to make its plan clear for the way ahead. I'm not sure the investor update presentation achieves this. Growth will continue to be slow without serious working capital.

The company discusses a B2B eCommerce portal as one of their initiatives. But there's a lot of experience out there to suggest achieving B2B sales through an online channel is damn near impossible without a huge marketing budget. All those GoogleAds and other advertising activities to drive traffic to your website costs big dollars.

I wouldn't be surprised to see a small raise to start with. For me, that'd signal an acquisition followed by a bigger raise is the most likely strategy. And I'm still wondering if FGF will play a part in this. Anoosh Manzoori is the link between companies and FGF has publicly stated it views CT1 as a very strategic investment.

If we fill the tank, IMHO the company has a good chance of being very successful.

I assume we'll find out soon. We resume the wait...

Yak.