Ann: Annual Report to shareholders, page-10

I'm in no way trying to support this fraud, but the result isn't as "bad" as the headline number suggests (although "bad" in this context is put alongside "totally catastrophic"):

1. If the numbers can be believed, there was still a gross profit so that's a win.
2. The business itself only blead -$2.5m in operating activities.
3. The net change in cash was -$2.1m (after $18m in capital raisings).

So there still appears to be a business here.

The question is, how *(%^&^%* are existing holders going to be after there "re-capitalisation".