This is a non-answer, which actually hinders your argument. I...

This is a non-answer, which actually hinders your argument. I still await an answer to any of my questions. From over 2000 people who read my post, not a single answer has been received.

1. The whole point is that EN1 has not grown: but has in my opinion shrunk (share price has fallen by 98%, SOI have increased 10 fold), since listing. Uber, Facebook, Amazon, all had debt-fueled growth spurts, whilst growing in MCAP and growing their market share, whilst EN1 has had a debt-fueled shrinkage into a $12 million company. EN1 has not captured any additional market share since listing, so it appears its debt and issuance of shares has been merely to keep the staff at work.

The following two points are very important, and go towards my view that ad-tech companies had 1 year, and 1 year alone, to prove their tech and business models work: that one year being 2020 when most of the western world was at home and sitting on their computers/phones. You and @PL24682468z appear to be comparing such companies as EN1 to brick-and-mortar stores, which did suffer, instead of realising that EN1 is supposed to be solely an online business - in other words, EN1 should have had an increase in income, from my understand of the business (I may be wrong, but none of you have proffered an explanation of what EN1 actually does in detail - does anyone actually know how to articulate it?).

Now, focusing on the two companies you compared EN1 to:

2. Pubmatic (Nasdaq: PUBM) has an MCAP of over USD $2 billion, and during the 2020 Covid-19 pandemic had a 30% increase in revenue (from USD $113 million to USD $148 million) and a 330% increase in earnings (from USD $6 million to USD $26 million). Also, since listing, PUBM has seen its share price rise from USD $25/share to USD $44/share.

3. Magnite (Nasdaq: MGNI) has an MCAP of over USD $4 billion, and during the 2020 Covid-19 pandemic had a 41% increase in revenue (from USD $156 millino to USD $221 million), however it did have an increase in losses from USD $25 million to USD $53 million. During pandemic the price of MGNI rose from $4 to $60, before falling to USD $37.

The above points indicate that

(1) many investors continue to incorrectly use the examples of companies that have debt-fueled growth spurts, which should be accompanied by MCAP and market share growth in order to be effective, to explain why certain poorly performing and shrinking companies never make a profit and continue to fall in share price. EN1 has not shown any cogent reason why it has not been able to grow its MCAP or market share as a result of issuing over 2 billion new shares since listing. With increased SOI and increased debt, a company shoud show a growth in MCAP and market share, that is, it should show that the debt years are needed to pay for expansion, whilst at the same time showing the underlying business model actually make a profit, otherwise, why does it exist?

(2) Other companies in the ad-tech space, which you attempted to compare to EN1, have shown a huge increase in revenues, as they should, since their business models are based on online revenues which should have been positively effected due to massive increased in internet traffic online last year and this year.

So, this brings me back to my first questions:

1. What exactly does EN1 do?

2. How exactly does it make money?

3. How exactly can it make a profit for every dollar it spends?

4. Why wasn't it able to become profitable during 2020 when others in the industry were able?

I'll be moving on to other shares on the ASX and will be giving this one a miss, however I'm not impressed at all with what I've seen.

PS. All the info above is my opinion only and is not financial advice. Please correct me if my figures are wrong. Thanks.