Meanwhile Buddy Platform is another small cap to have endured a trading suspension while the ASX sought more clarity on its new contract announcements.
Shares in the Adelaide-based environmental software company, which counted
a venture capital firm set up by pop star Lady Gaga and her former manager among its early investors, were suspended on Friday after the bourse was dissatisified with details it provided on four contracts which the company forecast in its September 2017 quarterly update to have aggregate revenues of $52 million.
The bourse had sent Buddy Platform the 'aware query' letter on January 23, four days after publication of the
Financial Review investigation of over-hyping of client win announcements by GetSwift.
Buddy Platform's main product is Buddy Ohm, a real-time energy usage monitoring system which the company labels as a "Fitbit for buildings", which tracks energy usage and claims to help companies make savings on electricity, gas and water bills.
By the December quarter update, released on January 31, management's revenue forecast for signed contracts had grown to $69.3 million, albeit only $428,000 of actual revenue was reported in the quarter (up 5 per cent from the previous quarter). Meanwhile operating cash outflows had ballooned to $3.21 million, up 25 per cent from the previous quarter's $2.56 million outflow.
Buddy Platform's share price was suspended at $0.22, down from a high of $0.40 in November 2017.
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