Okay, several points I wish to clarify.
1. The missing funds were only discovered with the appointment of new auditors. McGovern and his dodgy lawyer mate were (allegedly) running 2 sets of books. T!e old auditors accepted the fake books at face value but when the new auditors dug deeper they uncovered the theft.
2. According to the BoD, it was only once the new auditors brought it to their attention that the missing funds were identified and McGovern was summarily sacked.
3. McGovern has allegedly said he didn’t do anything wrong. Fck me! I asked Peter P if McGovern was still holding his equities and whether he was able to freely trade them. Peter said he was and there had been no caveat or restrictions imposed upon him. Again, fck me! McGovern’s shares should be forfeited asap or at least restricted from trading until the matter of the missing money is resolved.
4. The company has undertaken to focus its entire energy on revenue generation leading to eventual b/even and profit by EOFY 2025. They have cut staff, office space and facilities and continue to reduce overheads.
5. James confirmed they have between 20 and 30 sales people across the globe still selling Dubber voice and AI services. He said their focus was on channel partners to enable them to sell the Dubber platform through to their customers.
6. I asked Peter if he knew what Alex W was planning and whether he would attempt to sell the company or continue to support the business. Peter P said that if AW wanted out he would have taken that step back in March and believes AW will continue to back the company going forward.
There were quite a few disgruntled holders (not surprisingly) who expressed their anger and frustration with the BoD. But overall, the mood was not as vitriolic as I thought it would be. At the end of the meeting around 6:30pm there were some good conversations and a reasonable mood in the room.
That’s about it from the frontline for now. Will I have another dip at around 0.04c? Gotta say it’s tempting given what it would mean for my dollar cost average.
Cheers,
Wiz (not Wuz)
