Ann: Q2 FY22 Quarterly Activities Report (App 4C), page-3

I like just about everything about the fundamentals except it's cash burn.

Positives:
- Founder and Management owned
- Track record of success with Hydralyte Australia and Suisse
- History of Gatorade, Powerade, Red Bull, Monster as exponential winners in new beverage categories
- Health / Hydration thematic
- Simple and efficient capital model
- High gross margins at scale
- Valued at 2x sales

Negatives:
- Will be significantly loss making for years and most likely require capital raisings of more than it's $16m market cap.
- I think the eventual winners will be those who can spend to win and funded by a parent company like Liquid I.V by Unilever.