Webinars, page-28

The ASX200 is down 1.56% in the last 12 months and Spenda is down 79.66%. Spenda has definitely been copping it only because of a market downturn and it has nothing to do with any of the following:

• Revenue growth is non-existent
• A ridiculous valuation was applied to the acqusition of AppStablishment, despite:

1. Appstablishment earning the majority of its revenue from Spenda
2. Spenda had loaned $1.8m to AppStablishment and it was paid back in shares as part of the acquisition
3. Spenda inherited a $1.124m tax debt from AppStablishment that it just recently paid
4. The majority of the owners of Appstablishment were unrelated parties (but probably friends of AF) who were paid 624m in shares as part of the acquisition and did not have them escrowed. Safe to say they've all done extraordinarily well selling these at 6c (granted in April 2021) and making $34.4m from a company whose financials were not in great shape and whose technology has done nothing for this company

Nothing above is illegal, it was all voted on and passed by shareholders. What everyone didn't realise at the time was that they were basically voting for a number of individuals who owned Appstablishment alongside AF (and his mum) to become very wealthy.