Ann: Quarterly Activities Report & Placement Announcement/App 4C, page-71

Thank you for engaging in meaningful discourse. I would usually retort with bonuses have to be viewed as a percentage of Profit not Sales. Yes it is only 1-2% of Sales, but anybody could boost sales and give away lavish bonuses, that would be incentivising discounting or unsustainable pricing in most software companies. What is it in terms of Profit ? (EBITDA is a good proxy for Profit)

Hard to say because there is no EBITDA, this is a loss making company even after being established for many years. This isn’t a start-up, it’s in a phase and scale where it should be demonstrating operational efficiencies. If expenses keep following revenues, we will never get to an EBITDA positive territory even if we make $500m in sales a quarter.

However, I enjoyed reading your views, though it is always good to raise questions especially the hard questions. Keep up the spectacular posts!