Ann: Appendix 4C - quarterly, page-3

Drowning....I think they are well and truely under water with just their lips sticking out gasping for air!

$709k cash as at 1 Jan after $3.3m raise AND $1.8m in practice sales. Where would they be if they didn't sell two practices and get the additional $1.8m.....yes, administration!

- Appears they did not adhere to their raising guidance per page 33 here (https://www.asx.com.au/asxpdf/20191002/pdf/4494qvcmsnypvw.pdf) - suggested activity differs to results of 4C.

Whilst on this offer document, check out page 24. Says the mobile dental business is operating in NSW and VIC. This must be the smaller mobile business they purchased with the larger one, that the acquired for a staggering amount of money, only due to be in operation in Feb 2020 per page 12 of the following guidance (https://www.asx.com.au/asxpdf/20191125/pdf/44bxpg3gdcmwdg.pdf).

- Appears they did not adhere to guidance here either (https://www.asx.com.au/asxpdf/20191210/pdf/44cfy4jyzvwy3y.pdf) - intent to apply proceeds to reduce debt from the sale. Does not sure debt reduction in the recent 4C.

-Last 4C (Sept 19 https://www.asx.com.au/asxpdf/20191031/pdf/44b4bj9x0vpd6y.pdf), got me a little upbeat with the view the company was going to spend $300k on marketing and advertising in Dec qtr. Yes they spent $181k. Not sure how they intend to grow without spending in the right areas. I mean the 'Book Now Online' button on the Totally Smiles website doesn't even work! So what was advised to the market here (https://www.asx.com.au/asxpdf/20191126/pdf/44bytdmkmfh7ck.pdf) can't be working.

Further it appears they expect March 20 qtr to have the same cash outflows of $12.7m (yes, just a lazy copy and paste). Jan and Feb are slow for our industry - how are they going to cover costs this QTR!?

Then there are questions here:
https://finance.yahoo.com/news/insiders-buying-smiles-inclusive-limited-033353261.html
and here:
https://www.copyright link/companies/financial-services/morgans-corporate-arm-role-in-dental-spat-revealed-20200117-p53sib

The Directors cant be sleeping well at night. Run for the hills everyone and bring in the corporate watchdog. My sentiment remains - SELL!