Ann: Mogul Arena Reports Significant Increase in Registered Users, page-4

Agree with PUBLUNCHMAN DYOR comment. FYI No revenue since commencement has occurred to date and this company has not at all come close to meeting any prospectus revenue targets. The prospectus of this company is available on the following link:

https://www.asx.com.au/asxpdf/20161123/pdf/43d4m8pt1rjxnh.pdf

Have a read!! This prospectus was associated with a $9 million transaction capital raise consisting of $2 million vending shares and $7 million cash just over a year ago. It states:

“The Company intends to primarily generate revenue from:

• Subscription fees from customers who wish to access the ESM media hub;
• Partnerships with professional eSports teams and other brands;
• Advertising;
• Merchandise sales; and
• The ESH Tournament Platform”

The same prospectus states the MD received vendor shares and that the ESH tournament platform, also associated with the current MD, had been used for conducting tournaments in New York. This platform was being provided to ESH under a regional APAC license. The facts found are:

1. No Material Revenue at all has occurred.
2. Within months, further significant funds ($1 million) were paid to another Germany based platform provider (Challenge Me) as part of an equity investment and merger of the original New York platform associated with MD.
3. Significant promotional payments were made to offshore parties with respect to running tournaments on the purchased platform.
4. In December, the annual accounts wrote off all these early platform investments value as part of declaring an appalling $8 million loss.

No revenue has occurred to date and this company has not at all come close to meeting any prospectus revenue targets. Based on the latest quarterly the cash balance is expected be around $1.3 million with a $700,000 quarterly cash burn. Certainly, independent directors should be insisted upon in the shortly expected capital raise. Investigation and answers are needed on the complete lack of performance in relation to the prospectus revenue statements and transactions associated with the original vended platform. The MD received vending shares as part of prospectus statements including that the platform was operating and conducting tournaments in New York. It now appears this now written off platform may not have been operating in any commercial way and needed development. Nice one if you can receive vending shares for that!!???