I had a good read of the 4D Half-Yearly last night and noticed a...

I had a good read of the 4D Half-Yearly last night and noticed a change in language and underlying subtext. It was definitely more circumspect, less confident, and not so inflated.

More focus on providing services and support to existing partners and customers which might be an indication that customers are less satisfied with the service and may be churning away, a theory that may be backed up by revenue projections being reduced and contract and financial disputes being reported.

Less focussed on achieving revenue growth through sales into new customers which might be reflection of a diminished sales pipeline after letting the salesforce go.

Saying they are focused on achieving breakeven sometime in FY25, that is assuming no material changes to trading or strategy. Now that the slush fund, sorry trust fund, has disappeared in the next quarterly due at end of month and moving forward, you would expect to see a true reflection of operating expenses and customer receipts now that their cash flows and books are more transparent.

They say $75M worth of deposits went into this trust fund, $3.4M was recovered, and $26.6M still missing. So in reality it wasn’t just $30M missing, it was more. What was the other $45M used for as this was off the books, was it used to hide company operating costs and expenses, and how much misappropriation of funds were made in off the book payments to certain personnel of the Company or entities or individuals associated with them?

Even with the investigation, which is still ongoing, this is all very much on the nose. It will be interesting to see if they are able to recover the payments made to certain personnel of the Company as part of the investigation. If these payments were made off the books, they can’t really be legitimate company related payments surely?