Looking for you thoughts

Dear all

While looking for my next rap-bagger I came across this one among others.

I did some initial research. I can see (only my point of view) some potential for the stock and company respectively (no recommendation, do your own research). This is based on the following thoughts:

- I think they are addressing a real market ( at least -opportunity).
- The product seems to work based on their customer portfolio.
- They have an interesting three pillars system for revenue generation.
- The have enough cash in the bank to survive some time.

However, I also got up with some questions. Probably some of you people can help me with these ones:

- What makes vpc better than its competitors. I looked at some online reviews and there are many other companies providing similar services (vpc was not in the top 10 – probably due to its narrow footprint). I only read something about first mover advantage in the investor presentation. What I am looking for is the one piece nobody else than vpc can provide at least today (e.g. like rap does).
- If there is no answer to the question above: why would they follow the path of success then? Why are you holders (if you are) so confident? Or is just a real bet without well founded arguments? (again besides the first mover advantage mentioned in the presentation)
- The revenue per customer is about AUD 3’000 p.a. (middle package). To get cash flow neutral this means several hundred additional customers. To justify the current market cap at some point in the future then there should be another several hundred additional customers. How do they get there within a certain time window? The past three quarters brought them an additional “only” 20 clients (two pillars were active – but yeah the reseller one quite new). I cannot see a real acceleration. Do they hope for the SME platform?

Do not get me wrong, alone the fact that I am posting here shows my interest for this particular company and it would be great, if someone could provide me his or her thoughts regarding these three questions above.

Thx in advance, sl