Ok. Lets see now, cash at bank $300K, the cashflow is non-existent with constant drains of outflows of at least $275,000 per quarter. There is a one off refund of Research & Development coming in Dec 2018 which is just a band-aid for the next few months. This company will run out of money soon and could become insolvent by easter 2019 if no decent income is found. Already Directors fees have been deferred and the company has been put on life support.
What about a capital raise? Who would be brave enough to inject money into a product that has a low adoption rate, huge cash outflows where soon it will run out and in hope that there will be some if any decent income to sustain this company who would have at least $750,000 per year just keep the doors open and thats not including the $100,000's needed for marketing & promotion of the property connect website and product to get it going somewhere.
The real worry is that main man pushing all this business of PCH, the CEO and high spending, Mr Darren Patterson has now left the company giving up his vision and hope in the company's product. Why did he leave? Well its probably not good future news. If he had faith in the product he would have remained and stuck it out, but he naturally knows more and has abandoned the ship. When the captain abandons the ship, you know its about to sink, so be warned if you hang around, as you might drown and lose the little value of our shares is left and to eaten up by the receivers fees if the company goes into liquidation. Should be an interesting day of trade and volume.
