seriously have a look at vendor payments secti, page-2

Navy
The problem is did they ever disclose any of the vendor payments. They raised capital and people assumed they paid for the businesses. I love the comment about the board has undertaken a restructure. More like the NAB forced the clowns in the Neptune circus undertake a review of the business.

This is really not a prospectus as correctly pointed out. No revenue, no expense projections, it really seems as though they themselves would be surprised if they raise the cash.

They should end it so people can move on. Why would anyone invest in this other than a hope that the company will survive and they can save some value in existing holdings. However I can't see enough in investors rationlising this as a good investment.

If this is the best they can do, then they are really stuffed.