It might be hard to understand, but not everybody wants to buy your stonk, Kenny. Just because I'm interested in the story doesn't mean I want to buy it. In fact, after following the company for almost a full 12 months now I can conclusively say I personally would never buy into a company run by Adrian Floate. But that won't stop me being fascinated by it or the people who ignore all the obvious red flags and get sucked into the 'story'. I do understand that with all the bad behaviour that happens on HotCopper it can be hard to believe, but some people really are here to altruistically discuss the company. I honestly can't think of another microcap where I've seen so many obvious red flags. For example:
countless pumpy webinars already discussed to death here (no surprises they have stopped occurring)
acquisitions of companies at lofty valuations owned by related parties (diluting the register to pieces)
the 12 July 21 Trading Halt announcement about "first contracted revenues" that resulted in a voluntary suspension and a fairly embarrassing backdown where Spenda had to admit it was "erroneous" i.e. they had attempted to drop a PS announcement with no backing and the ASX had called them out (this was when I got interested, and first posted on the HotCopper threads with a gentle warning)
numerous subsequent cashflow statements that show ballooning costs but very limited growth
the 21 October 21 price sensitive announcement about Whola which has delivered almost nothing to date despite promises of $1,200,000 revenue per year (!)
the 22 November 21 price sensitive binding agreement with eBev, again which does not appear to have delivered much
the 31 March 22 announcement about $150M in payment flows being added in March, when in reality this was an annualised number, and they did $12.5M (earning just 1.25% to 1.40%). As the announcement had to admit, "the annual growth of A$150M per annum is based on those customers maintaining their current payment flows".
This is just a recent selection; it really is quite staggering. I will continue to watch for entertainment's sake, amazed at the the market's willingness to continue to fund businesses like this.
(20min delay)