"1. They misjudged their input cost inflation which reduced...

"1. They misjudged their input cost inflation which reduced their window for needing new Capital. They absolutely should have seen this coming and factored it into their pricing."

Many investors could see that there was no way they were not going to need a capital injection, and could adjust their expectations and/or positioning accordingly.
That you did not is an error on your part.


"2. Objectively, many of their statements in presentations were not accurate reflections of their Capital needs (kickit and I debated this extensively)"

Not sure which of their statements provided any indication of capital adequacy.
Besides, that's on you as an investor if you couldn't figure it out for yourself that they were under-funded.


"3. Sales and breakeven have lagged my expectations"

Again, that's on you... your expectations were simply wrong.
That's not management's fault. It's your analysis that was wrong.
(Besides, not sure how anyone could have failed to anticipate the challenged sales traction, given the twin headwinds of Covid as well as lack of working capital were abundantly evident)


4. "I'm not keen on their US foray insofar as they've struggled to achieve breakeven locally."

Over the past 2 years, they've not had the market conditions nor the capital to reach breakeven locally. That should have been obvious.

Besides, the "foray" consisted of the MD jumping on a plane to go meet a number of prospective counter-parties (potential customers, technology vendors, related industry participants, and - who knows - potential acquirers of SP3, perhaps?).

I strongly suspect if the information garnered during his trip cost shareholders as much as $20k, it would be a lot. I don't get first-class flying, champagne-quaffing and cigar-lighting-up vibes from the guy; for if that was his scene, I don't think he would have joined a teeny weeny little business headquartered in the dusty industrial outskirts of Perth, and which is barely making ends meet.

As it happens, I think even if the conclusion from the trip was "The US market is complicated and they do things differently there; we should stick to our knitting in the Antipodes" (which I strongly sense was the conclusion), the modest cost of exploring the option would easily have been worth whatever insights were collected.


"I've grumbled about all of this before, surprisingly you seem to (selectively) remember some of my posts but not others"

And yet, despite all your grumbling, you were happy to continue owning the business all the way down... and presumably even continue to do so today.
(And, yeah, I don't remember all the posts I read, not even yours.)

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