AVH Chart, page-9

I agree $100m is a shitload of money.

I also agree that raising $120m in November 2019 was a shitload that should have been more than enough to see them through to breakeven.

But you know what? Only 18 months later, Mike went back to the market to ask for MORE MONEY!

Hilariously, when I asked a friend to look at this company for a second opinion, one of the things he asked as he started going through it and saw the timing of the announcements on capital raises, was "what did they buy?"

I said they spent some of it on R&D for other product development etc, and he said, "no, like what did they buy, where did all that money go?". All I could do was laugh. From a cursory look, he had thought from the timing of the announcements on capital raises the company had, and the lack of revenue, the company made an acquisition, which would explain why they kept needed to raise so much money.

Not the case.