I understand what you're saying. They have issued shares for...

I understand what you're saying.

They have issued shares for cash.

They use cash to buy things and accelerate business.

They try to grow the market value of the company.

"I'm not saying it wont or it cant, but with 750m shares on issue now 20c is a $150m company. In 2015 it would have meant a $25m company."

2015 version of Animoca wouldn't of had the potential to reach current market cap let alone $150m. 2019 Animoca can. And the only reason why is because they raised money. It's a necessity in this business. They have increased the overall market value of the company. Which means it worked and hopefully continue to work.

I think we agree on the logic and facts regarding dilution. I just have a different, and optimistic perspective.

And yes, just like every company, the Facebook phone didn't work nor Google's social platform. These innovative company's try and will most likely fail in a lot of ventures but all they need is 1 home run and they go on to do great things.

The only thing I disagree on is Animoca is priced in for premium growth. You can't price in Sandbox. You can't price in Formula 1. You can't price in Zeroth. You can't price in future iClick deals. Technology stocks, especially Animoca, should be filled with speculation as it's very complex to try and predict what these projects will bake in the future. In my opinion, all there is right now if a slight premium on known revenues which is not what this company is or will be in the future. Like I said, $75 million market cap with something this year alone will probably approach $30 million in revenue is somewhat unheard of on ASX, let alone most technology companies. I'll admit there is much uncertainty with a lot of Animoca's projects but they've done quite hell of a job securing material contracts and partnerships as of late which makes me believe in management on executing on this vision.