The other question that needs investigating, IMO is that of the...

The other question that needs investigating, IMO is that of the subscriber numbers. In the SaaS world a business derives its value from subscribers.. if subscribers are growing, it generally follows that the future revenues/value of the business is both healthy and growing also..

I would ask the leadership why then, did they stop reporting on subscriber numbers during the last fiscal. Quarter after quarter they proudly announced healthy double digit subscriber growth. Then all of a sudden the metric stopped being reported on. WHY?

I would urge the investigators/auditors to look into whether all that growth was actually real. Simple maths would seem that either the subscriber numbers were fabricated or they were (almost) giving the subscriptions away. At one stage they reported more than 500k subscribers. That is a lot of subscribers to suddenly stop reporting on.

Then look at how subscribers were reported on leading up to the $110m raise.. if they used these (maybe fabricated) subscription numbers to boost the valuation of the business prior to the raise... would that also be seen as 'Sharp practice', or worse!! That would fall into misleading the markets category... in my opinion.

Just a thought for the auditors and investigators..

views are my own, but subscriber reporting is public knowledge and contained within ASX reporting.