>I have never been so totally confused by a company as much as...

>I have never been so totally confused by a company as much as this one.

It is not that complicated, KOOEEE, once you start to recognise that the purpose of the company is not to sell products, it is to line the pockets of the board. As long as the business's story is believable there will continue to be buyers of the stock. While people keep buying it, capital can continue to be raised on the basis that new shares can be sold to institutional investors who can immediately sell them on the open market and make a profit from them. The board then remunerate themselves and their cronies handsomely and stock holders quietly suffer the dilution. This has been going on for several years now.

The trick, of course, is to keep at least a handful of people believing the story and buying the shares. They do this with a constant stream of announcements about new labs opening, new partnerships, directors coming and going, trade deals being struck, large sales forces in action, branching out into meaningless things like IoT, and so on. Sometimes they get lucky and there is a nice spike in the share price, which they use to full effect. There are no sales of the core products, just a stream of small consultancy deals which are endlessly talked up to make it look like there is a real business operating. The idea that this is a $100m company is just an illusion, but as long as they can maintain a market for the shares then the plates keep spinning. "Next quarter, next quarter" is the chant, and the capital raises and share issues keep coming.

The mistake you are making is in trying to analyse the company based on fundamentals and conventional business practises. As you can see, it makes no sense in that light. I used to stick around here because I was interested in the technology. We are way past that point now. It has been on the market for 10 years and no one ever bought it. No one ever even discusses it. But now I stay because it is a genuinely interesting case study of how a board can make themselves vast amounts of money from an illusion, and how people can be parted from their hard earned cash just by telling them what they want to hear.

All in my opinion of course. Do your own research, etc.