I wouldn't get too excited - the share price just closed at...

I wouldn't get too excited - the share price just closed at where it opened at the start of the week.... I used it as a chance to get out. Was I wrong to do so? Will have to wait and see.

I still think this company has a lot of potential but a few things have changed my mind for now:

1. I have worldphone installed and I use it (works pretty well) and I recently got it advertised to me on Facebook. I looked at the comments on the ad and nearly all of them were scathing of the app.... not a good sign. Complaints about poor customer service, credit going missing and the app not warning them sufficiently when it is cellular mode. These were recent comments (as in the last month).

2. Revenue is dropping (remember the talk of the almost $2m annualised run rate? They aren't talking about that anymore).

3, Releases missed - too many to list here.

4. "Material" agreements - I am not at all convinced that more capital won't be required very soon because I know they are still advertising (see point 1) and revenue is dropping. I was also somewhat dismayed to learn the company defines a "material" agreement as generating $200k per annum in revenue (not profit). Refer to footnotes of latest investor presentation on their website for their definition of material (slide 3). This is the threshold at which directors will receive performance shares.... So I guess this threshold is what they are aiming for. Not going to be enough to prevent a capital raising imo

While I remain positive that this could go somewhere in the future, I'm trying to be objective as possible and so have exited for now. Will be interesting to see what happens. For the sake of the current holders I hope I'm wrong and the next TH is an amazing deal, rather than a CR. Let's see.


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