...well, I assume the haters will continue to hate...business as...

...well, I assume the haters will continue to hate...business as usual....

...so this start-up reports over $1m revenue in Q3...and people still want to crucify them...that extrapolates to $4M annual revenue.. they are still handing out circa 200 first deliveries out to potential customers and are still in the process of client integration & product development...which they have told everyone in Sep 2017 could take about 1.5- 2 years...

...Vis a vis Valuation....currently circa $46M market cap....with circa $78M in the bank... with no debt...and a platform that are crystallising circa $4M (extrapolated) pre-optimised & pre-fully integrated of annual revenue... ok, there is the contingent liabilities (lawsuits) looming....but there is currently a 90% probability that the company would only be fined (circa $1M) and that the Webb class action would fail...with cost against them...so this could in theory be deemed a contingent asset for GSW...

...Vis a Vis the change in the independent board member exactly a years after they have been appointed....I thought that is how it is supposed to work...these roles are not for life and independent board members should always rotate ....and I tend to agree with some of the 'GSW believers'...all of them were basically recruited to assist the company with a turnaround in governance...so mission accomplished......anyway there is always two sides of every story... but there is a material difference between resigning, being sacked, being asked to leave by key investors or executive team and just a strategic rotation of independent non-executive board members...

....so what is the company worth post this Q3's announcement...definitely not a negative $30M EV....once the integrations are done and end product is fully developed, there would probably be a massive drop in the current rolling annual deemed development costs (currently accounted for in overheads, admin & staff costs) of circa $10-$15M ... they just need to start classify these costs correctly....and start capitalising it as an intangible asset, now that the platform is almost deemed commercial.... Mr. Daniel Lawrence... please take note

...so all in all...don't know why the haters still tend to hate: this is still deemed a fully capitalised start-up...all of the skills to develop the end product is still around... integrations are still continuing....executive team is still intact....and a regular rotation of independent non-executive board is happening....this is as good as it gets for any start-up....yes, there is still risk...but that is why this is deemed an opportunity to make investors very rich...over the next couple of months....

...my humble 2 cents of course...

P.S.

For all the 'haters' out there... have a re-read on Mr Fricklas comments in the report....do you guys really think he would put his reputation on the line, if this company is in such 'dire straits' as some of you have alluded... If that was the case, he would probably have refrain from saying anything at all....never mind stating something deemed very positive...well, that is what I would have done....