Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

The Quarterly says it all in disguise.

I would suggest that Mr Yip has got access to an ASX listing at low cost and has alternative plans.

Coles and Woolworths both use their rewards cards plus other methods for creating consumer data enrichment.

Frugl came in and mainly use Coles and Woolworths to try and create data on consumer buying habits and then thought they would sell it back to these organisations.

No wonder the business model collapsed.

Walker the major shareholder no doubt saw the writing on the wall with the Frugl business model and jumped at Yip's "offer".

Microchip/Wangle/Family Insights/Frugl under the existing management has never produced a revenue stream. Sorry, they have - CRs and then spent the bloody lot. To my understanding, they have never built a website either.

Hopefully, Yip can extricate this listing from the tentacles of any of the previous management/board/administration and build a business that has integrity, growth, communication, experience, management and a board that has a vision.