My main whinge is not the lack of revenue but the continually optimistic projections for revenue which are inevitably not met.The latest downgrade to revenue was only 2 months after the previous downgrade. C`mon, as of the end of February they were still looking for annual revenue ( excluding Thailand ) of $2.4 mil. They had revenue of $766 000 by the end of December and managed to pull in a whopping $78 838 in the latest quarter.Surely it wasn`t looking good for the $2.4 mil at the end of Feb?
It`s called credibility and Mikoh has a long way to go.
As far as the EVR/AVI goes i`m still a believer. I wouldn`t be holding the stock if i didn`t think i would wake up one day and they`ve announced a contract larger than Thailand and "we`re off" in a racing type parlance. Yes, my refernence to Bermuda was a little off the mark but if revenues are flowing from the Sirit side of things in South America then i guess it`s only a trickle at this stage. Do we really expect revenue of US$25 mil over 3 years from the Thai deal? That`s mangagments projection but i`d say the market is not yet convinced.
MIK Price at posting:
8.0¢ Sentiment: Hold Disclosure: Held