Why I have not sold all my shares, page-187

The 'hockey stick' revenue never eventuated. And may not ever eventuate.

BRN holders have always invested based on hope rather than the fundamentals. There are myriad companies playing in the same space, and BRN lack the nous to ever be a success IMO. The tech may be great, but it takes great people also to be a success...

Further red flags:

• strategy pivots (from chip to IP but still selling/trying to sell both?)
• increasing product iterations because others weren't commercially successful
• excessive KMP remuneration
• LDA put option always putting downward pressure on SP
• lack of cornerstone institutional investors
• board always promising a brighter future ('explosive sales') but it never eventuating
• key staff leaving for other opportunities

Not much has really changed in the last few years IMO.