The company is worth less than $20m, with around $5m of that in the bank. If costs even reduce slightly, they've got a long runway to deliver some deals, finalise the platform and prove out the business model. It's also important to remember you've got a very qualified CEO and other staff working predominantly for equity - so incentives are very much aligned.
Even if you predict a 33% chance they actually deliver, I still think it's a worthwhile high-risk investment at these prices.
Ann: Gaming Veteran Chris Bergstresser Joins Mogul Board, page-44
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