Not a bad analysis all up. I think the legals make things look...

Not a bad analysis all up. I think the legals make things look artificially worse - but the fact remains they paid a ton of money to apparently expand the rate at which they lose money, even not counting the legals.

Here's a interesting (?) tidbit: page 45 of the audited financial report says:

These amounts represent payables for the acquisition of Delivery Biz Pro and Scheduling Plus in an amount of
$436,398 as Management believes the related final revenue earnout target will be fully achieved. $407,659 is also
included as Management believes the probability of Logo achieving the First Revenue Target (note 12) is 50%. At this
time, Management does not believe the Second Revenue Target and Third Revenue Target will be achieved.

Page 53 of the report from 2019 has this:

In the event that certain pre-determined sales volumes are achieved by the subsidiary for the calendar years ending
31 December 2019 and 31 December 2020, additional consideration of 25% per year of gross revenue above US$1.5
million may be payable in cash 70 days after these calendar year end dates

The fair value of the contingent consideration of $381,008 (US$271,011) was estimated by calculating the present
value of the future expected cash flows. The estimates are based on a discount rate of 16.4%.

So it looks like DBP/Scheduling+ came in slightly better than expected (436 instead of 381) and at least on the surface of it, $436,698 looks like 25% of gross revenue above $1.5M for those products. That puts the revenue from DBP/Scheduling+ at $3.25M.

This means that the revenue not stemming from acquisition is no greater than $2.15M.

If you go back to 2018 before the acquisition spree, GSWs revenue from core activities was $0.77M. So one way of looking at it is that they've tripled core revenues in 2 years - not actually that bad. Unfortunately I think we'll never know how legitimate this was, since they are losing money all over the place - it's no great trick to deliver big revenues if you're happy with burning cash. And now the core business of GSW is almost irrelevant to their revenues.