Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-201

The reality shareholders have to face here is that this quarterly proves once and for all, that although the software clearly has some nice features that suit a particular type of customer, it simply doesn’t scale easily and it clearly isn’t finished. You don’t continue to spend $3 for each $1 of revenue you generate if the product is finished and it’s scalable. The company is clearly working on a number of implementations which do cost money. The issue is the size of the burn. Even if all the big names cited roll the software out, the company is at least 12 months from break even. As such another cap raise is inevitable. The market knows it is cum raise and as such the share price won’t move. Smart money will exit and see where it’s at in 12 months. No way will they be able to raise at anything like the current market cap. 12 interest rate rises ago SPX might have been interesting but today there are simply too many red flags.