Ann: Appendix 4C - quarterly, page-7

Yet another disappointing quarterly result. I see no reason to re-enter at current prices.

The market cap is around $13.15m at today’s price. I think that these shares are still very overvalued, given the clear lack of track record in executing strategy, poor sales, an obviously obsolete product that still requires ongoing investment to update and no evident marketing in progress in 2021. The valuation on any reasonable multiple of either actual or projected sales, or NTA, is only a fraction of $13m. This stock is being sustained only by hope.

I also think that the statement about the average cash outflows giving nine quarters of runway is misleading and irrelevant. Who plans a business on “average” cashflows? This company definitely cannot survive nine quarters without raising more capital.

If they raise capital again, I certainly won’t be putting my money in this time. I think most investors will be “once bitten, twice shy”. I can’t see any compelling investment story here or understand how investing more shareholder money will make a difference or help gain traction, given that ~ $20 m has been invested over the life of the company.