Yes, agreed. The company certainly did good business over the...

Yes, agreed. The company certainly did good business over the last twelve months and grew their revenues very successfully. But looking back over their available cash from the last year's quarterly reports, it's clear that the oversubscriptions did not fund this growth at all:

• 31-Mar-2023 – $46 million
• 30-Jun-2023 – $42 million
• 30-Sep-2023 – $37 million
• 31-Dec-2023 – $57 million
• 31-Mar-2024 – $57 million

So according to the quarterly figures, Droneshield never used more than $9 million of the money they raised. Let's allow that the balance might have dipped lower between July and September and say they used $12 million. That's pretty close to the original planned capital raising of $13.9 million.

The other $25 million? Sitting uselessly in the bank rather than leaving it with investors who could have used it profitably. Raised at 30c, diluting shareholders for no purpose when it could have been raised when needed (like now at 80c) with much less dilution of investors.

I don't care greatly. I didn't make a contribution and I made sure I wasn't holding during that period, so I didn't get diluted either. But I hope you can see how this feeds a pretty strong level of scepticism about anything this company says about capital and future plans.