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Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-348

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lithiumburn

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03/02/22

11:56

Post #: 59326312
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Originally posted by wasko: ↑

From my perspective, they need to:

(a). Get rid of Neu Capital. What advisor in their right mind pushes the company to go from one debt warehouse to two when the company:
-Has little revenue.
-Barely enough cash to fund one DW let alone two.
-Hasn't proven the demand for lending yet. Start small and simple then get as complex as you like when the revenue is rolling in and there are efficiences to be gained.

(b) Hire someone who has built a successful tech business before. This isn't AF, unless you count the aquisition of AppStab by CRO as his crowning achievment which was a ludicrous price to pay for a company with next to no revenue. I no longer buy the whole "we needed the tech/IP" either, could have built something new for much less given there was hardly anyone using it (revenue backs this up).

(c) Immediately cut half the worforce. The acquisitions they've completed have added zero value to the business and diluted shareholders substantially while significantly increasing staff costs. The focus should be on becoming cashflow positive as quickly as possible to stem the bleeding. Stop working on all the new stuff that people won't use when we already have a bunch of stuff that people don't use.

Also, I suggest everyone no longer takes AF at his word. This is the person who said DW by Christmas, yachts in the Maldives and $5m per quarter soon. At this stage it's looking more like tiny DW by April at the earliest, having to sell your boat if you're lucky enough to have one already and if they get to $1m per quarter soon we should count ourselves lucky.

Make no mistake, I now see this as a company in distress. Huge quarterly overheads and minimal customer acquisition - node and spoke clearly isn't working, if customers were flooding onboard you wouldn't try to just 'work with what you have'. Over $3b SOI which means substantially more dilution for all holders if they need to do a new cap raise and that's if they are even able to find support from sophisticated investors for a raise.

The business needs a major overhaul, the question is whether management will continue to cling to their delusion of grandeur or will bite the bullet and make some hard decisions.

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Was not too long ago that you were giving me grief for stating similiar to what you just posted

CRO Price at posting: 3.4¢ Sentiment: Sell Disclosure: Held
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Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-348

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Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-348

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