Interesting observation regarding the majority of the $24M...

Interesting observation regarding the majority of the $24M needed to cover the debts to creditors. So yeah not much left to keep the lights on at $5-6M quarter burn.

If you remember a big announcement for the need for $30M in trust was to satisfy the requirements of a big player customer who never came on board so this was another piece of spin doctor fiction.

Revenue projections downgraded from $45M to $38M are based on what they know as of today. What they don’t know is how many customers will flee tomorrow as a result of this financial fiasco. After all this they are still fixing the figures reported.

Indications are there are more personnel in the company who received payments using the misappropriated $26M+ funds but they can’t be stood down as of today because legally unable to prove. So there are still executives operating within this company tied to self McGoverns dodgy dealings.

Reductions in expenses were achieved by axing the salesforce which will eventually result in zero sales pipeline. It was not achieved by cutting executive salaries, ridiculous bonuses, zepo handouts, first-class travel junkets or egotistical sponsorships.

I’m wondering whether the whole AW play is to buy in as much as possible at 5c to minimise the net losses and bail out when the SP bounces back albeit temporarily.