I understand your sentiment since I struggled with this in the beginning. The reason I am comfortable now and support it isn't that I have rose coloured glasses, as some like to say - I have invested in companies who turned out to be corrupt, and I know what it looks like
and I made no excuses for them or for myself for losing money.
I am not making excuses for JK and the founders and of course, my support is based on what I can see and the assumption that there is nothing that is hidden, but that is only right. But it goes deeper than that and is primarily based on the value of the company and the fact that this was the deal when it was purchased by Otis Energy. It also is based on the fact that there were founders/investors who took a risk on building ISX. And they did build a great company. There would be no argument about this if ASX had not investigated in the manner it did.
In RSM's independent expert report, RSM valued ISX (original) at $6.7m - 7.9m. ISX was a fledgling company with most of its potential ahead of ISX. The directors expected to have the revenue in 2018 that they eventually received in 2019. Instead, ISX found customers were slow to integrate and they hadn't anticipated the technical issues. There was an abundance of ways that ISX could have gained revenue that would have been well and truly shonky however ISX did earn revenue in a manner that benefited ISX, albeit not in the designated quarter but in the future and at the expense of profit. And so what? It is almost unheard of for a fledgling company to have a profit in just 5 years - and a good one at that!
Our anger should be targetted at ASX, because there is a valid assumption that ASX not only does not understand the company but ASX either did not know or willfully disregarded historical events.
A valid question exists: What might ASX’s motive be for ISX’s continued suspension?, page-9
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