It's just the beginning for Spenda!, page-1825

I have been going through the company's financials and presentations for my own benefit and learnings. I don't know how it got started or even why I persevered with doing it, but I completed a presentation of my thoughts and questions while I was pulling apart the company's financials and communications.
I am not a paid ramper of any description, so please don't start on that bent. Besides, I doubt any ramper would have put the time and effort into what I have just undertaken.
As my thoughts evolved about my investment in this company, I simply decided I would share them. I am not having a go at management or anybody else who posts on Hotcopper with my observations and or questions. They are in fact addressed to myself and what I would have liked the company to do in my perfect world.
I am not going to enter into fruitless conversations either. Ideally my ramblings may help somebody else on their investment journey, as others have done for me.
I am underwater with this investment (as many others are I am sure) and I am not new to investing in micro-caps so lets put that one to bed. I have had my share successes and failures. That's the risk of investing.
I have decided to stay until the next 4C hence the reason for the personal research.
I hope you enjoy it because I doubt I will repeat it LOL

The presentation was to large for Hotcopper to accept the upload, so I have provided the following link so you can download it;
https://www.dropbox.com/s/yc0n9l7vlfjr9iw/Spenda%20%20%28Presentation%20%28169%29%29%20%281%29.pdf?dl=0
I will leave it there for a few days then remove it.

Just to peak you interest, my personal summation of the research I undertook, was that I was seduced by the viral nature of the business model. My concerns primarily are that the company continues to "sell" the next great thing (be it a loan, relationship etc). What I am missing, is the company completing on all the pilot programmes they have undertaken. I want to know if the business model (node & spoke) is getting traction.
The next 4C should show it, good or bad. I am in for the gamble until I decide to pull the pin.

Hope everyone had a good holiday break.

Ian