jambo12Spot on. They didn't lose as much money.But it is a...

jambo12

Spot on. They didn't lose as much money.

But it is a welcome increase in earnings.

The way the numbers are presented is self-serving.

"We are pleased to report that the September 2013 quarter saw cash from customer receipts increase by 3,578% relative to the June 2013 quarter."

Wow! A three thousand five hundred and seventy eight percent increase in customer receipts! GCN has pulled itself back from the brink.

But let's look at the absolute numbers themselves. Take the relationship of this last quarter with the June quarter. Cash receipts from customers rose from $3,648 to $134,169. This increase is a multiple of 36.8 times. Let's make this look even larger by expressing it as a percentage increase of 3,578%

The ugly fact is that GCN is still cashflow negative.

Turning to proposed developments, it is difficult to sort the dross from the gold in this announcement.

Jermaine Jackson appears to be a knight in shining armour, gladfully distributing to GCN loads of free equity in his ventures. There is still no statement about the legal/contractual nature of GCN's equity, and this worries me.

I can't help noticing that Jermaine's original venture with GCN, which was to set up an Australian band, has failed. The venture is now headed for the invisibility of China. And curiously news of this radical change has not got through to Richard Li who is administrator of the site www.jj5tv.com

http://www.whois.com/whois/jj5tv.com

On the www.jj5tv.com website young Australians are still being encouraged to send in their videos for what is now a defunct competition. Even the home page at www.goconnect.com.au continues to make an invalid promise to young Australians.

I am sorry to see the GoTenTV platform being talked up. After many days it has achieved nothing but out of date news bites (at this moment we look at yesterday afternoon's news) and an advert for a single product - 7Eleven's Hot Chockee.

This "'content strategy has been rolled out to all free WiFi locations associatiated with GoConnect".

Wow! So to how many locations would that be, then? Er . . . , two. The promise of multiple locations remains unfulfilled.

As for real estate development and Jermajesty Holdings, my worry is that if Leightons can stumble so can an inexperienced Jermajesty Holdings.

Still, there might be gold there. Jermaine is certainly a wild card whose potential performance is difficult to predict by normal corporate standards.