The point you make is a reasonable one (and yes, a dollar is a dollar), but it's not the point that will be made by ASIC or in the CA. They raised money based on the fact that they had enterprise deals with BIG companies that were going to generate mammoth revenue, and this was all based on the core product (not acquisitions that would be made in the future).
If they just wanted to buy companies, then go and raise money and buy companies, it's a much more capital efficient approach than starting a company that costs >$10million a year to run. There isn't any hard evidence that there is any synergies between any of the companies they have acquired.
So the concern is justified in my opinion (and others), even if it isn't in yours.
@dimi81 the suggestion that the company is growing like a weed is impossible to clarify. What's more likely is that the acquisitions are growing proportionately (considering coronavirus) and the core product is probably having incremental growth. When you group all the revenue and currency gain together, it looks decent - but really, it's just not. But hey, a dollar is a dollar.
GSW Price at posting:
74.5¢ Sentiment: None Disclosure: Not Held
