Ann: DW8 Secures Institutional Funding Launches Entitlement Offer, page-216

Whoever did the DD for Kaddy acquisition & the financials. And also whoever decided to acquire two distressed cash burning businesses when DW8 was already burning cash.

Would have been better to acquire a smaller 3PL making a few million profit to offset DW8 cash burn at the time. And acquire it for a reasonable price of 4-5 times profit. Should not have acquired more cash burn.

Had $1.5M Q4 FY21 cash burn x 4 = $6M pa. If they acquired a smaller 3PL making $3-4M profit x4-5 = $12-20M purchase price it would have reduced cash burn to $2-3M pa or $500-750k per quarter. Or they could have looked for about $6M profit to acquire to break even x4-5 = $24-30M cost.

Got complicated with WDA, Partons, Kaddy & original DW8 team.