just topped up, page-15

Thats a good analysis of they business, a couple of points though I think worth looking at

1. The CEO is the only common thread throughout the last number of years, yet he still pays himself a massive amount and is in charge of a majorly underperforming business. He doesnt seem to take any blame for this, I dont believe he has ever run a company like this before, the board should have removed him.

2. The ARR is not explained and I have concerns they are blurring the revenue numbers, nothing is broken down by country , partner, product etc neither costs or revenue, so my suspicion is its not really a true reflection of the numbers for the VSN the key product. Which would in turn means that this starts to disappear in a year or so.

3. It’s almost certain they willl need another capital raise and that seems to be a recurring feature of Net.

4. The product has no unique capabilities, the market In this area, from my research has lots of them some backed by very big names like Telefonica, if they compete with these then they are in the $10 a month per user game, which means they have to capture a massive amount of users to hit the numbers they need for break even. Some offer the service for free, e.g. Open VPN so not sure the sustainability of the long term business model.