One of the biggest misconceptions of technology SaaS businesses is that Opex is low once the product is in the market.
The reality is software maintenance is an extremely expensive exercise with constant changes in platform technologies.
A huge red flag was BigTinCan cutting costs by 10%. This triggers redundancy payments and internal churn. If they claim the industry CAGR is 20%, they would be retaining all staff at a bare minimum.
From a corporate angle, the Regal deal in hindsight was poor. Everything they touch turns to dust. They have the Sadim touch. Layered on top you have SQN insiders selling over the past year.
Ann: Corporate and Business Update, page-67
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