You really are so repetitive with your comment about the funds raised -
"ask yourself, wheres the funds gone".For the umpteenth time I will repeat the answer - maybe you could write this down on a sticky note and post it on your monitor screen so you don't forget for the future.
Funds raised so far have been used in the following manner
1) To pay down the massive debts the old BOD left us. That includes payments to suppliers, ASIC. Lawyers, Stockland and others - well over $3M worth.
2) $500K payment to pWC for a VA that didn't need to happen.
3) Redundancy payments to staff that the old BOD had excessively hired and who the new BOD had to let go.
4) Funding the actual business operations on a shorter term basis because the old BOD left zero in the bank.
Above are just a few of the areas where the funds went to. I haven't included all the lawyer fees or forensics in trying to recover the stolen money. It is unfortunate there has been this type of dilution, but the new BOD had no choice based on what they were left with. At that time, the stock was not trading, so their only option was to go to soph investors. And what did they have as a sales pitch at that time? The company wasn't listed, they weren't sure if they could come out of VA, and they are asking people to put money in. If it didn't come out of VA, whoever put money in would lose the lot. So only choice was to make the risk/reward worthwhile - hence the 0.01 shares.
It has saved the company. Otherwise, all of us would have nothing at all. Now, we wait for business news on how we will be resurrected. We have steady dividends from IDSB each month, and IDSB is still something we can expand on for revenues. Old BOD upgraded the data facilities (one of the only smart things they did), and that is in place for growth.
New BOD's first priority was shoring up all the mess that was left. I believe they have now achieved this. I know people would have liked it to be sooner, but if you knew what they had to deal with, what they have achieved is quite remarkable in my opinion.
I believe there is still plenty of opportunity here and news over the next 3 months will hopefully prove me right.
For now though,
@Stig, please put a sticky note on your monitor screen so you can remember the first part of this post about where the funds have been spent. Might save you time with future posts you put in here as I am sure you are going nowhere, even though you hold no stock and don't seem to have any type of worthwhile input.
