Dubber.Dubber.Do., page-7760

Episode 115 of Baby Giants -- the whole thing is worth a listen -- but here are some highlights.

Highlights:

A lot of companies struggle to scale ... but these guys were seeing accelerating losses in the face of accelerating revenues.

Anyone whats to learn a really good heuristic for spotting a company you don't want to invest in -- go to Dubber's July 2021 investor update which was a capital raising presentation... They have outlook "accelerating our path to $100m" and there's one of those exponential graphs ... implying it was going to $100m by 2023.

When they reported their Appendix 4E which is not your audited results you would have thought "it is actually growing faster" ... when they finally did put out their audited results they disclosed that in fact their revenue as agreed by the auditors was $10m lower - a whopping 28% lower - than the company had initially said in its Appendix 4E. I have never heard of a company overstating its *revenue* by $10m before.

This is the same management team, they've run it the whole time ... the board, the management, the CEO puts out this report that's $10m wrong. They put out the next report ... by the time they're in FY23 they've done $30m revenue which back in 2021 they implied it'd be $100m and growth had been slowing and they'd already been suspended from trade once.

The collection of red flags here - it's like a Communist military parade

Once again they've not been able to get their audited accounts and they've gone into suspension ... this time it's because the auditor is questioning whether we can really access this $26m

The CEO wasn't stood down the last time and the guy who's now acting CEO - he's been on the board since 2011 so as a board member he's overseen two suspensions of trade and his punishment is to become the CEO.

There is no greater red flag than being suspended from trade - this is the second time they've been suspended from trade.

It's the most serious thing I've ever seen on the ASX