Frustrations are penting up at Spacetalk’s lack of performance,...

Frustrations are penting up at Spacetalk’s lack of performance, lack of transparency, Disallowed announcements that bury and mislead on material disclosures, and just stupid decisions, as the company teeters on the verge of running out of cash.

Spacetalk disclosed in its July 4C statement that cash burn reached an alarming record of $2.2m per quarter or over $700K per month.

Last quarter saw cash drop from $5.2m to $3m. I’m just 3 months. Today, at the end of August or 2 months later, the cash balance is likely to be under $2m.

In reality, the cash position is worse, because its highly probable there will be a loan covenant from their $5m lender to maintain a minimum $1.5m cash balance at all times, so the company in reality is approaching just $600k in available cash.

Let’s not forget their negative overall net cash position either, which was -$2m on June 30th, ($3m cash less $5m loan), and now likely to be -$3m.

The cause of this ridiculous cash burn is CEO Simon Crowther’s extravagant 9 member strong and very expensive Sydney based ‘executive management team’. He’s delusional, believing in his own hype and grandeur. He fails to understand he’s running just a tiny $7m company.

Will someone tell us what these execs are really up to anyway? All we know is they’re prittying up some logos. Talk about Simon (and Craig) and the Board thumbing their

noses at us poor investors.

They certainly aren’t bringing in any new revenue at all, something the Board should seriously think about. In fact you can bet revenue will be down 30% for FY2022 (results out this month), and down again for Q1FY24.

For the past 4 months, every SPA announcement whacks down the share price, beating up jittery investors again and again and again.

The problem with the tanking share price now is everyone knows there’s another capital raise coming very soon, or the company’s will go broke, and shareholders loose all, with Pure Asset Management taking control.

Frustrations are getting exasperated at Spacetalks leadership’s seemingly narcissistic attitude and behavior.

Investors need answers now on how this company won’t go under or ever recover.