It is cheap for a reason mate. Incompetent management. The fact...

It is cheap for a reason mate. Incompetent management. The fact that the founder/ex-Director of the advisory business that floated DC2 is now the Chair of DC2 shows these guys are just there minding their own pockets, not stakeholders'.

A very low quality half yearly report if you ask me. The financial health has deteriorated.

1. There is literally no note to financial statement in the P&L. The company should provider shareholders more insight on significant items of the financial statements. At the bare minium, there should be a breakdown of revenue and main expenses.
2. Costs growth outpaced revenue growth. Costs were up by approx. $1m while rev only increased by $600k

• $436k as share based payments to Justin & friends.
• An approx. $300k increase in employment expense (50% increase YoY). I know how much of a pay rise Justin gave himself and wife but geeezz.
• Another approx. $300k increase in "other expenses". This is where the notes come in handy to shed some light on signficiant items.
• $130k uplift in advertising.
• Consultancy was doubled. I guess they had to pay Alto to do the capital raise

3. There's $1.3m in cash as at December 31. They burn $653k in operating cash in the December quarter. At this rate, excluding any capex, the cash is enough for another 6 months. If there is no major breakthrough, they will have to raise money again in June, meaning this company does at least 1 capital raise per year every since IPO. 1st raise at 20c, the recent one at 15c, the next one is probably at 10c or lower.

Amazing achievement Justin & friends. NOT.