Ann: Investor Presentation, page-38

Yes, agreed Steve.

Plus, let's not forget the botched fiasco of the Telstra announcement, coincidentally just before the announcement of the (desperate) need for another capital raise. For the past 20 years, this company has been largely about glossy presentations and poor deliverables. The one exception was the IMOD contract, which was a one-hit wonder. Now that India has their IP, they won't need this company any further.

People in this forum need to carefully study the market and the competitors to understand the fundamentals of this business better. It has gone through a huge upheaval in the past 4 years, with plenty of carcasses left behind. Even the larger, dominant vendors have been seriously impacted. If you study all the failed businesses in this sector, one controllable factor stands clear - high operating costs that do not contribute to gross profit. This company doesn't seem to understand this point. They continue with unfeasible operating costs and repeatedly look to the capital market for survival. Market Cap is currently about $30M. But, how much have they raised? The answer will shock most people.