This really needs to be put in perspective.On 26/11/18 there...

This really needs to be put in perspective.
On 26/11/18 there were 1000 shares on issue, all family owned. They then spit them to 11.7m and on the 27th granted themselves another 450k
The " full net worth " that you refer to was actually an interest bearing loan of $3.2m which was subsequently converted to 3.33m shares.
We are not talking people with deep pockets here. He's an ex banker who has been in charge of some below average companies.
On 31/3/19 there were 20m shares total, which they split to 120m shares pre float, 60m of which they retained, most of the rest a bit of pre funding to pay salaries etc, and to the UK outfit that funds the receivables. I am guessing the loan facility cant be used for anything other than that, hence the current cap raise, to pay bill etc.
Post float 174m shares, with them retaining 51.5m

So, 3 years, a modest initial investment into an over-hyped industry with an idea already heavily exploited at a time other big boys all want to play.
And ASX punters decided to change their modest investment into a paper wealth of over $100m.
Anything he takes out is a lot more than what they had. Fact.

I said it at the time, and I will say it again. What were people thinking. Its just smoke and mirrors.

All of this is available in the 2019 annual report. Its a bit verbose but there is plenty in there that should have rung alarm bells.

There may be a case where one day they are able to generate a profit. By the time that happens the dilution will have been crippling.
We have all seen it happen before.
The s/p will go under .50c
Plenty of times, some quite recently for me, no, no, the price won't go under the cap raise price. This company is different. Blah. Blah.
What happens.
Price goes under.
I wish holders luck. IMO there are plenty of other opportunities to gamble with better odds.