Ann: FY23 Annual Report & Financial Statements, page-4

how can they say that all funds from capital raising has been used in accordance to the prospectus, however there's no mention in the prospectus of acquiring shares in companies? canopus networks?

Also, revenue increased by $3mil, however their net (loss) is only $500k difference from the previous year. Hardly an improvement.

At this rate, they will need ongoing capital raises year-on-year, just to stay afloat. Aka, a zombie company.
They need to cut their experiments off and focus on where the money is. This isnt the time for continued wild spending and games.

Honestly, they (directors) have listed themselves as key members of the organisation, but anyone could replace them at this stage and focus to turn the company into a profitable enterprise with ease.

Considering David Buckingham's nice history with iiNet, it's sure as hell looking stained being associated with this company.