Ann: Request for extension of voluntary suspension-NWZ.AX, page-6

This has been a classic lesson in how NOT to raise cash, and how to completely disenfranchise a shareholder base.

Lesson 1: raise all the cash you need at the outset. The drip feed approach means you quickly run out of backers. This is why they obviously can't get this latest CR done.

Lesson 2: own up to bad news. So much was made of the trials with "major media firms" then they went quiet after the trial periods had clearly ended.

Lesson 3: if your company is losing $28m per year and you continue to tap investors for more cash, maybe consider a salary which is appropriate for a loss-making venture, not $500k per year.

It's a real shame, because there is no shortage of believers in the model, but the execution has been disastrous.

I think it's all over.