Yes, but the portal announcement also stated the fact that the NAB MOU (or whatever it was) was finished with no follow up, except their ability to access IAM's services through the portal.
The market had priced in an expectation that these agreements would be binding or ongoing in some way. Up until Friday, there was still hope that this was so. Now we just have a portal.. The market won't know what revenue the portal is likely to pull in until at least the next quarterly. So expectations have been missed and the chance of strong growth to avoid a CR are now low.
Don't we need a 300% increase in revenue ($200k to $600k) to head off a CR after 2 more quarters? That's beginning to look pretty unlikely at the current rate of growth.
IAM has been a massive disappointment... I thought management were key to their success. I still believe they have a solid team. Unfortunately their product just hasn't caught on like they thought it would.
Ann: Appendix 4C - quarterly, page-66
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