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I can see your point on most of what you are saying. I do think you are ignoring a few points though that won't show up in the financials but need to be considered in particular with the share price. Sometimes the figures only tell part of the picture and you need to hear the whole story to get the full view.
So last half we had 1.96 million revenue. It came off 49% growth from the previous half year. Let's assume (and I believe it is a reasonable assumption) that they repeat that growth. You are probably looking at (approx. numbers) 11, 500 units which equates to 3 million revenue.
Now remember that this includes a large increase in the B&M sales and a 100% increase in Amazon. However the B&M sales network would still be growing AND the 2000 stores were not all on line for the entire half. So these numbers are based on sales achieved from a network that was not fully developed. The next half will include sales from all of these stores and growing. Including the appointment of the former Amazon director whose expertise should help in growing these numbers further. So while I use 49% growth, it is fair to say that it is a conservative number.
Now in terms of costs it is burning money but you have to take into account what the money has been spent on. The salaries at around 2 million is a concern and always needs to be watched. However there was something like 1.4 million spent on trademark, registrations etc. These are one-offs.
The other costs to be considered are the cost of goods. This has had a 40% reduction over the previous half. The result increased margins.
The share price often takes into account potential revenue. There is the IQ Boosts which we know there are 10 boxes at least in Australia (not a great deal) which is probably around $70,000 in revenue. World wide what will that be? It would be unreasonable to say it is probably in the region of $500,000 worth. A great start.
Finally the OTC potential in the USA is huge as is what portion we get from the aust government's hearing program and the third product as well.....
I think that your analysis is quite thorough, but when you get to the point of investing there is always the "risk vs reward." I have invested now because there is a large amount of risk which you point out. However the reward is very large. If I wait for the risks to be lessened by then the SP has risen and I miss out on the reward.
I think a capital raise may come. It is not a bad thing. If it is through institutional investors then the SP may rise .....