Next investors email on Vonex, page-4

I have a family member with a shareholding in VN8 and asked what I thought. I find it intriguing as where it though it was going, and where it appears to be going now - particularly given today's announcement.

Going back through the announcements, from what I can see the stockbrokers who underwrote the IPO did an analysis where they thought there'd be 3,000 new users per month - but there's currently no news on that front.

They also said "It (Vonex) is potentially also a significant software development house focussing on telecommunications applications, with the potential and intent to develop its own globally significant products, based initially on those using its Oper8tor technology." But that now seems to have stalled or stopped.

Given that Vonex currently has around $50 million in accumulated losses, by my understanding of the rules, it would only be able to pay dividends in years it makes a profit until the retained losses are extinguished - and paying out dividends works against extinguishing the retained losses. So what's the priority/objective of the board - pay dividends or extinguish losses? And current results would indicate it will be quite some time before the retained losses are gone.

So following what I hear people do with looking at company results (DYOR!), I did up a speadsheet of the annual/quarterly financials that tries to look at the underlying performance by eliminating the effects of "one-off" things, below

The underlying result shows that the past performance has been an underlying outflow of around $400K to $600K each quarter. I figure the R&D should be included but it's a bit "lumpy" being only an annual amount. Spread over each quarter it brings the cash outflow figure down to around $300K to $500K each quarter.

I know company values/share prices are comprised of "value" and "sentiment' and Vonex has little tangible value (net tangible assets are somewhere around $5 million to $6 million I believe) and the current underlying performance doesn't seem to explain the "sentiment" - so what am I missing?

Given today's announcement, is Vonex positioning itself more in the wholesale market than the retail market? It would certainly explain more of the "sentiment" gap in my thinking. And what value Oper8tor, if any?