As with anything @Inferno31, there are a few different factors...

As with anything @Inferno31, there are a few different factors that make this so cheap:
- It was a poor IPO that never really had any buying support, so anytime someone wanted to exit, price went lower.
- They chased growth in revenue initially over a sustainable business model and because of the poor IPO, had no support for cap raisings
- They went into suspension in April last year for the acquisition you referenced and were suspended for months, trapping holders until Sept when the other party eventually cancelled the purchase (thank god!).
- When it came out of suspension, selling was fairly indiscriminate by those wanting to get out which you can understand having been trapped for months, which pushed it right down to these levels

Meanwhile, Management has actually done a decent job through 2019 rightsizing the business, getting it to a point where it is cash flow positive and focusing on profitability instead of revenue growth.

Not sure where your figures are from, but the business is doing $40m+ in revenue, so all they need to do is keep focusing on the higher margin work, keep the costs low, pay down some of the debt and this is worth 10 times its $3m market cap.

I would have thought there would be a tactical micro-cap fund manager out there who could grab most of the 1.5 cent shortfall, with the 4 cent options and work with GO2 to promote this better to the East Coast market and wider investment community and make 5 times their money before they slowly started selling down their stake on the way to 10 times.