Ann: $2.39 million raised via a Convertible Note, page-8

That's an ugly raise IMO
10% interest rate, prob to be issued in discounted shares
Shares issued at 15% discount, perhaps 25% depending on conversion date
6% fee for arranging = $142k
1,000,000 free oppies to broker at 30c valid for 2 years
More free oppies to con note holders

Can't be bothered putting the spreadsheet together, but highly disappointing.

I sincerely hope that they are confident in their paid pilots and how the trials are going. I would have put in 2.5% of that $2.369m raise for a 10% discount. I'm sure a quick whip round here would have raised a decent chunk of change.

Management - if you read this - you've got to do better. 3 out of 10