Basically they are starting all over again, the current business model bares minimal resemblance to the high tech business plan touted some 2 years ago.
Entering Billion dollar markets with a microchip.
It is now become a hotchpotch of retail products which have minimal scope. Plus, the company has minimal funds to develop a meaningful business plan.
imo it will be impossible for them to raise another dollar from a CR.
I just see it now as a company where you sit and watch the quarterlies arrive with a pittance in revenue, as the cash reserves get slowly eaten up in overheads. Sure attempts will be made with loose announcements such as going global is " a mere flick of the switch" and the like, but in reality there is no driving focus.
Its a micro cap on its knees.
If the Family Insights concept had a business edge, it would be showing distinct pointers by now in terms of uptake.
The market from a commercial aspect is not interested.
A noble cause, I agree - but trying to make dollars from such a social issue is doomed. Look at FZO, last year they lost over $18,000,000 in a similar arena and their shareprice is on its knees. They are now trying to flog mobile phones.
Somebody from Wangle seems to have come up with the "brainwave" of putting an app together without doing any market research.
It has now turned the company into a social welfare organisation helping parents to deal with the internet.
I applaud the social conscience, but from a shareholders perspective the investment has now become a charity.......and in due course the donations for those on the payroll will run out.
WGL Price at posting:
0.3¢ Sentiment: None Disclosure: Held
