The buy thesis

Background
Only A$15m market cap, consistent underperformer / shareholder unfriendly company.

For 5 years has attempted to deliver employee rewards & recognition software to multi-national companies but at A$36p/employee per revenue has never scaled properly (although A$650k revenue in 2017, including some multi-national/marquee companies).

Prior management didn't seem to have the skills to deliver such an ambitious strategy - difficult to attract required skills to a micro-cap company.

CoVID brings good fortune
Recently raised A$4m at $0.003 with broker option strike of A$0.005 (current A$0.007). The company is transitioning the software to include mental wellness prompts etc. in additional to rewards & recognition, clearly an area of keen interest for all large companies that are now looking to operate a remote workforce.

Importantly, management changes have occurred.

Rumi Guzder - Executive Chair, appointed September 2019 - early 30s, son of Indian business dynasty. Father on the Board of BP India, Dachser India and other large companies in addition to family owned logistics conglomerate founded in 1858. This person doesn't seem to need to run a micro ASX pump and dump. Has heavy comp. science skills / dabbled in Blockchain - appropriate for enhancing WooBoard software.

EGM/COO - Letrecia Tippett appointed November 2020 who has held executive roles at large global companies and has A+/glowing Linkedin feedback and career track record. Do not see this type of operator at a A$17m market cap company. Experience/skills highly complementary to WooBoard strategy.

WOO recently noted the company couldn't sign paying clients despite many multi-nationals trialing the software, because of limited cash / Going Concern classification by the auditor, so raising A$4m equity. A very ugly reason to raise capital and pump and dump teams usually prefer sunny communication. Interestingly, the equity raise was done by the same Clee Capital that recently raised for IOU and CI1.

Does the removal of Going Concern and management skills beyond A$15m market cap portend signed clients? If not, then sell out.

If so, the market cap should rise 5-10x based on a needed product being purchased by a number of multi-nationals, and, if the product is actually exceptional, the stock is a potential 100-bagger. The fact that multi-national companies were already paying for the software 4 years ago is a big tick. This is not a total greenfield play.