There's an argument that the board/founders aren't actually...

There's an argument that the board/founders aren't actually underwater at all. They *are* down on the $30k worth they bought with their own money @ 0.17¢ in the capital raising. But Hamish and Joe didn't actually buy their main 40-odd percent holding. They were created from nothing in the IPO. Their 100m or so shares were printed, just like the Federal Reserve prints/creates money out of thin air. The shares could go to zero and they haven't lost anything personally.

It's a bit like that Satoshi guy (founder of Bitcoin). The stake is almost worth nothing, because it would be impossible to sell. Shareholders (us) are down on real money invested. Even at $1.00 per share, with such low turn-over, they'd struggle to cash out. And as with Satoshi (if he's even real) it would crash the price through lack of investor confidence. You can't put a few bricks of your $10m mansion on eBay when you need cash. It's almost a stranded asset until it's sold.

No, Hamish and Joe's loss is a theoretical, paper one. Their holding is all about having control of the company rather than an investment profit or loss.

I guess they don't need to buy more in order to maintain control. To a dumb retail investor like myself though, it's inexplicable why you wouldn't buy as many as possible at 4¢ if you knew the future was so positive. Maybe, like myself, they currently see good opportunities elsewhere in the market to diversify their holding. Which in itself is telling.

A couple of barely relevant, forwarded, copy/paste industry articles from DEL on Twitter and LinkedIn this week. Hopefully a quarterly report will be released on Friday, or Monday by the latest.