Ann: Quarterly Activity Report, page-61

We shouldn't be surprised. Looking back over last 2 years nothing has resulted from any of the big announcements which continue to be very carefully worded to allude but not commit i.e. also known as trickery. Think about Big Bank, or Secret Singapore, BluIP (caught out), Macquarie, MNF and Japan Partner… not to mention the 9 or so (secret/mysterious) Telco partners that suddenly appeared out of nowhere. After all these announcements and supposedly signed deals the revenues have dropped back to what they were 12-18 months ago. They are either giving DUB away for free, heavily discounting it, or they only have about 5000 users paying between $6 and $8 a month. Having to give customers credits for 3 to 6 months is not a great sign. Either way spending $2.4m to make $100k doesn't sound like a sustainable business model don't care how many big names invest in it (they have been doing this for 12 months already). Once the R&D tax incentives dry up this is going to get even uglier.