This is interesting reading. Note the following:In 2 days' time,...

This is interesting reading. Note the following:

1. In 2 days' time, MRI will have been suspended from quotation for a total of 7 months now. Not great. Don't expect this to change overnight!
2. Readers should treat the most recent 4C quarterly report with caution. It's good that the net cash used in operations for the quarter ($141K - item 1.9 of the report) has decreased so much compared to the previous 9 months ($1.8m). Unfortunately, this cash figure ignores accruals and movements in balance sheet items, so massive increases in liabilities actually improves this metric!! The proof in the pudding is item 7.4 - total financing facilities, which have gone through the roof for the quarter (item 7.4).
3. Unused financing facilities at quarter-end (item 7.5) of $2.6m are also noteworthy. Given that cash and cash equivalents at 31 March of $12K (item 4.6) is negligible, shareholders need to seriously understand the 'real' accrual-based cash burn, any loan terms, and the proposed path forward. Based on what I have seen so far, there is no obvious strategy to turn the business around! Staff numbers and client numbers have shrunk. I could go on and I am sure others will.

There are a few sleepers in all of this. The deal with iGoDirect is not yet closed, there are lots of issues to be resolved there. The 30 June 2023 and 31 December 2023 audited accounts haven't been re-issued. Most important of all - there is no obvious declared strategy for turning around this company around.

My Rewards could be valuable if managed correctly, but this isn't happening. The longer it goes on, the more liabilities rack up, and the harder it becomes for anyone sensible to do a reverse takeover. This is a lost cause.