Ann: Change of Auditor, page-7

Well, this is an exercise in how to mismanage a so called non existent business plan.

Gitmans enters the scene offloads his so called ground breaking VPN technology, takes his money and disappears back to New Zealand with a bucket load of cash and shares leaving the mess behind.

Then a series of dreadful management decisions and staff changes with the implementation of the VPN product. The technology has be to reworked and shareholders funds spend on so called regulatory approvals etc without proper business consideration.
It would seem by using a tech consulting company of somebody already employed by Wangle.

Then we have resignations all over the place and eventually a new CEO is selected.
Expectations are that we now have clear air to move forward.

Not to be. The leeches have soaked up all the funds on technology consultants plus. In the first 9 months of this financial year this mob has spent $3,232,000 on wages, research, marketing and administration for a revenue return of $3000. No major deal in terms of a collaboration with revenue in sight, just relying on retail sales via Facebook and Instagram and a stall at a fair in Canberra.

Then we get lumbered with an administrative cock up and the company becomes suspended from trading as they head off to the Federal Court to get the mess sorted.
On top of that with the company off the boards, we now find the funds are running out so a debit facility is arranged to plug a hole, then we get presented with a cap raising directed to the shareholders at .003. The information with the cap raising is basically to keep the company afloat, pay off debt and continue with the Facebook marketing - and added is that the management may change their minds in terms of the allocation of the funds. (does that mean a bonus for management for the brilliant work they have done to date)

Everyone has been paid but the shareholders and now they are asking once again for the shareholders to foot the bill when they have spent over $3 million creating a revenue of $3000.


What is this mob up to!