Ann: Further engagement with HSBC, page-9

So stock is clearly in strong Downtrend since listing... Why would this be ??

Looking a bit deeper ... Perhaps the Ipo price was too high possibly ?(Interesting and unusual for a Spec on the ASX to have such few shares on issue and such a High $ value as starter position). Possibly manipulation by instos insiders offloading who knows??

But to my thinking its because of the heavy cash burn !!

They had $11m cash at IPO 6 month ago now $7.3m including a 930k govt grant looking at 4C it seems most being spend on Staff/Admin and not as much on Dev or Advertising/ marketing . So YTD 2m on Expenses where did the other $3m go ?? and looks like another $2m out the door next qtr!


So nearly burnt through half their cash in 6mth and Revenue remains thin at 94k + recent 400k deal. No one can survive on Govt grants for too long...

I would suggest that they need some big Insto signups very soon or get their cash burn under control else they may disappear quicker than world vision food parcel at a Venezuelan border crossing...