Ann: Appendix 4E and Preliminary Final Report, page-10

Yep, it's the all-time record-holder for worst ever dog in my portfolio (which takes some doing out of 100+ stocks) and I thought there was limited downside to my entries well below 10c.

In my case it came down to the fact that the product looks promising and they've continually tantalised with modest growth and an expectation (by me) that the steadyish growth would provide economies of scale and a reduction in cash burn. At times I think the company has unreasonably fed that expectation. Holders cut them some slack during COVID but I was expecting some improvement afterwards. Unfortunately they just don't seem to have been able to manage costs (OR alternatively sell with sufficient margin) in any economic environment.

I think (hope) they're now on the same page that they need to run the company within its means but from my perspective it shouldn't have taken them until they had their own significant skin in the game to learn that lesson.