As expected - all their contracts are "no commitment" with no...

As expected - all their contracts are "no commitment" with no guarantees of any revenue.

"POC periods were not disclosed for any contracts because GSW does not believe any of the POC period provisions to be material conditions to the contracts, as it will typically have no bearing on the commercial relationship in terms of any ability of the clients to cease using the GSW platform. Regardless of any POC period, because the contracts are pay as you go; clients that no longer want to use the platform simply cease using it and this is then reflected in our periodic reporting of delivery transactions and revenue."

I'm sorry, but GSW have their heads up their asses if they dont think disclosing that a contract is dependent on a POC is not material. The average investor is entitled to assume that a signed commercial contract is well PAST the proof of concept stage. They are in effect, simply announcing customer trials. This despite their assurances to investors that they would not do this. Therein lies the misleading and deceptive conduct.

GSW now needs to start reporting on churn, and other standard SaaS metrics like cost of customer acquisition and payback periods. It is very material if they sign 2 customers and lose 2 every month, as it means they will never reach profitability. Burning through cash so they can pay themselves exorbitant salaries and have a good time on the company credit card, while long suffering shareholders have no chance of ever seeing a return. Do Hunter and McDonald think they can still party like its 1999?