Ann: Quarterly Activities Report & Appendix 4C - Dec 2021, page-2

The same old issue remains.

No established commercial partners "paying" cash to grow with the Frugl app developments. No retail organisation at this point is prepared to become a stakeholder and put cash on the line.

Spending for 6 months - $1,213,000 to achieve $53K in receipts.

Spending projected for 12 months - $2,426,000 to achieve maybe $106K in receipts

The latest fund raiser is now going back to existing shareholders as it would seem other avenues to raise cash have dried up.

But existing shareholders have been belted from pillar to post with a 50% consolidation, along with a pump and dump on the last cap raising. Now a share price that will once again deteriorate to under 2 cents due to the new so called "Share Price Plan"

But, still no material contracts in sight.

Nothing.

Just a vague reference re the future commercialisation of the app accumulated data.

So let's assume there is no meaningful commercial contracts in the next 12 months - they will then need another $1,000,000 to continue operating. More shareholder dilution and one can assume that the share price over the next 12 months will be around 2 cents or less.

Its wonderful having a free app with grocery price comparisons - but if the company cannot demonstrate that the data being accumulated is of commercial value by putting together some sort of committed commercial transaction, then the whole process is fruitless.

Who in their right mind would give them another $1,000,000 to continue developing a free consumer app.

The only course of action that will save this "share purchase plan" is an announcement prior to the closing date that they have secured their first meaningful commercial contract with a specified revenue number.

Otherwise it is a case of trust me - and I say the last 6 years have clearly demonstrated that strategy is no longer an option.

I have given them funds for some years and committed to the CR's - apart from the last one organised by a broker and existing shareholders were not invited to participate - the share price seemed to be pumped and dumped.

Now as an existing shareholder I have been invited to give them cash again, sit and watch the share price deteriorate to below 2 cents whilst my existing shareholding is further diluted, and hope like hell they can produce a contract of some sort.

It has become a disaster zone in terms of a viable commercial enterprise.

As I have stated, the Frugl app is fantastic, but the communicated business model seems to be operating charitable organisation  - I would rather give my money to the Salvation Army or similar.

All IMO as a long term suffering shareholder watching my hard earned dollars invested in this management group, amounting to hill of beans.