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clock Created with Sketch. 09/04/24
14:48
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Originally posted by KymChy:
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Certianly some tricky stuff to navigate but as at last report like 6 months ago they owe 5 mill all up against a 4 mill valuation. How much is that now? A DOCA is prob on the cards, but if u looked deep into their accounts there is no business. Membership fee revenue circa 600k. Product sales say 20 mill but no margin only overhead. If u sliced and diced that further it would prob be 95% store cards such as Woolworths Wish cards that have no margin and cost money to sell. One plus is if the board/ managment went it would save about $500k instantly but it wont fix the endemic problems of selling product with no or minimal margin.
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There has to be an inquiry into how they were able to float in the first place. The Frankly business may be worth something if they haven’t destroyed it.
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