Ann: Appendix 4E & 2024 Annual Report, page-3

Correct. This is a classic case of "playing house with the investor's money": where public or private investors get to watch a bunch of people play corporate dress-ups and give themselves nice offices, set up in expensive cities (NY?) and appoint each other to double-six-fig jobs. It's a classic strategy, a pipeline directly from endless capital raises to employee and director salaries. In 2 quarters they're going to raise another couple million. Rinse, repeat.

They're pivoting back and forth from various settings (spend faster, spend slightly slower, advertising vs subscriptions) but they don't have a sound business model at *any* setting. They're not growing revenues particularly reliably either (last few years have been a contraction).