Ann: Appendix 4E and 2019 Financial Report, page-15

A whole lot of truth here. The acquisitions are just a way of purchasing revenue.

Their core product is as yet unproven. Leaving aside the CA GSW is a company that got traction off some cool-looking demos and presumably by leveraging Google Maps. I'd be stunned if they had much more than that. So I think their burn rate on their core business is entirely believable - they are trying to turn some fancy demos and a decent rolodex into a sustainable business. Stranger things could happen.

As for Bane paying himself $1M/year, I would imagine in his shoes many of us would do the same. Given the probability this flames out and goes to zero in a few years, this is how they are going to get rich. It's not exactly a vote of confidence in the long-term prospects for the share price though, is it?