OK.. so have briefly reviewed and in terms of the technicals this is what I see:
- 46 mil shares being offered at 26c each to raise 12mil
- 176 milion shares on completion
- Market cap of 46mil, EV of 32mil (Full dilution Market cap of 52mil)
- 300 paying customers but top 10 generate 54% of rev
- Of the 130 million existing shares,
- last convertible note has been translated into shares at 20.8c
- 50mil are under mandatory escrow
- 37mil are under voluntary escrow.
- Still leaves 43 millions shares non escrowed by existing holders.
- Even with substantial revenue growth, they are still predicting a net loss of around 5mil.
Will look at som eof the fundamentals of the next couple of days but the finances are not winning me over right now and I am concerned of some 43 millions shares that may get dumped for a quick buck. Would love to hear other opinions.
