I hope ASIC and the ASX regulators step in here. This company...

I hope ASIC and the ASX regulators step in here.

This company has limited revenue after a long number of years, been cutting expenses, but loss making, and a very small potential customer (which may/may not monetise?) is unlikely (IMO) to change the trajectory from the past. No doubt the product has been refined, but it used to require 2nd person placement on/off the body (mid-lower back) which made it unsuitable/unworkable for most workplace solutions (IMO). Irrespective of Gender, IMO only a small number of employers would even allow another employee to apply items to the skin on the lower back in a workplace situation? I hope they have rectified this element - they may/may not have.

On the $250k - I note is a "pre-allocation" - very unusual wording - I assume this means that if Dorsai successfully sells it to Rehabilitation Doctors/Physios etc. then QBE will pay the bill as part of the "initial 12-month period".

That will involve a huge sales effort for DorsaVi to achieve - even in post Covid - let alone out of Melbourne in current Covid times. The product has been around for 5+ years and very few sales, (if true) why would a small reimbursement make a difference to the buyers (corporates mainly?)?
Alternatively it is QBE Head Office staff - I note they are HQ in Sydney/Parramatta - a long way from Melbourne at the moment.

I do genuinely wish this company well, but I have a negative EV on them, running out of cash - perhaps this price spike will allow a raise to further fund survival. Remember Revenue was $1.37m to December, loss (incl one-off) was $5.8m, Cash (ex raise) was $2.5m, Payables and borrowings (net of Receivables) was $1.7m and half year operating cash flow was negative $1.1m, Capex was $451k, meaning negative cash was $1.5m for the half (ex raise).

All the best - I hope the ASX and ASIC review and decide to investigate this hard, and publish finding(s) for all market participants.