Ann: Half Yearly Report and Accounts, page-45

Absolute rubbish.

Everyone's quick to say "Hey guys look, money in the bank!" yet their burn rate is terribly skewed by absurd admin fees and there's no indication the company is using of cash to build a foundation across some sort of long-term strategy. They can say they are (as they've been doing in all their investor presentations since the company was first floated), but they're not as their books show year after year.

The only way they got some sort of notable revenue stream is by hitching their wagon to this:
https://themarketherald.com.au/the-board-of-emerge-gaming-asxem1-admits-to-not-knowing-the-motivations-of-its-150000-subscribers-2021-03-10/

and



investing in companies just because they have cash on hand is horribly naive. In the tech space I'd be a lot more interested in if they are consuming cash, then asking myself where that cash is being spent.

THAT is the true difference between the two.