Great depth and maturity in the posts this weekend - thank you...

Great depth and maturity in the posts this weekend - thank you all.

A retraction: I remarked recently that ASX:BIG was an example of a listed tech company that was half decent because they were making real money and so on (someone can find the post). I’d like to retract that. The recent 43 page (!) response to the ASX price query was.. interesting.

There’s lots to say about it, however two things that I will comment on here:

1) If you can’t clearly describe what a ‘paying customer’ is, and if you can’t clearly articulate how and when they are charged, and if your financial statements do not clearly match your definitions and/or obviously reflect your business practices, then... something is very wrong.

There is a lot of robust discussion on the stock thread - some very thorough analysis, which is quite clearly amazing as it’s all volunteer time - which is anguished and admirable. But. I’d like to  point out that if your shareholders have had to do that analysis at all - and many are still confused after spending hours on it - then... something is not right.

2) Let’s ignore the lack of disclosures (plural) about the ‘Shares to friends’ for now.

To not disclose the relationship with the financier - in all its glorious complexity - is very disrespectful to all holders. Saying deferred revenue = sales may have just been written off as Startup hubris if the nature of the original relationship had been disclosed. But now that the inner workings have been uncovered... Trust is dissolving quickly, and that may accelerate as further revelations come to light.

It is a sad day/week for this company and for faithful holders who have been caught up in the maelstrom. BIG may very well recover (some sort of overhaul will be needed), but, in the short term, there is a lot of volatility and uncertainty ahead.