Glad I wasn't the one who had to state the obvious for once.I...

Glad I wasn't the one who had to state the obvious for once.

I was reading through their activities report - and they talk more about how large and grand other companies are, more than what they're doing themselves. I was almost falling asleep reading the jabbering nonsense they released. Then I opened the cash flow report and it all made sense.

More often than not, you'll find the desperate companies carry on like porkchops in their quarterlies - filling pages and pages with hype and fluff using careful wordplay because they know they have nothing to show for it. And exactly as expected, they have nothing to show for it - over 10 million targeted users and they couldn't even beat their last $2k in revenue (for a whole quarter)....

But they have no problem spending over half a million dollars in a single quarter (100% completely unjustified spending at that). It's more than a piss take - how these guys haven't been delisted from the ASX is beyond me. Reality is they aren't the first and won't be the last Company whose actual main business model is money-grabbing investor funds.

I (sort of) feel sorry for the people who are going to lose their money. Either by intentional ignorance or just innocently not understanding what's going on under the hood.

There simply is no coming back from spending $600k a quarter to being profitable at the stage they're supposedly at.