I'd have asked this question before considering investing in a company that had so much bad sentiment. maybe its worth more than it is now but whats it done to prove it? id stay away... but im already in. im glad something is happening but what is it?
"Was it the last annual report? Lack of contracts, exorbitant monthly cashburn, no profit?? The company and the idea is still the same..."
you've done a good job summarizing the downfall, so if these things don't bother you... welcome aboard.
why did it drop after the original pump..? its been a long time since. so many things. off the top of my head...
how did it get up there in the first place? don't forget jamie pride pumping on social media the "secret project" that turned out to be the burger project. massively hyped but in the end it was a burger joint with 2 outlets. and photos of hong kong offices and talk of an expansion that didn't eventuate. jamie's trip to NYC that didn't payoff and there was talk of a san Fransisco office and a chicago office too.
a lot of talk, but the substance didn't back up the lofty hights the SP was hitting. everyone began to see through that... and down it came.
i held faith in the product and the words of jamie pride. smh. for me, the biggest issue now is the lack of trust.
i am highly confident only 5 of the 15 marquee names in the customer graphic are still around, yet they are proudly displaying them like they are still there. id love confirmation of current client numbers and names. as i said in that last post, my mates Qantas account didn't show up much.
while the website loosely explains that "thousands of organisations around the world have discovered fun ways to communicate"... im not sure they are talking about REFFIND!
the recent 4c details the customer count to Dec 31 was 90.
deception.
if there are thousands, we should have heard something about it. you don't sign thousands of clients overnight, or even in the 2 and a half months December 2016. There hasn't been the slightest change to the product they are offering, so how could they be talking about thousands?
the original run was based on a string of empty announcements that didn't mean anything much to the bottom line but fed the hype. and it came back to earth mostly because of this and the lack of effect on the bottom line. the continued the announcements drawing attention to basic things they should have been doing anyway and marking them as price sensitive. for example, my favorite, the second big spread they did on gentle giant. and by then most everyone could see through them.
personally, i would love an announcement demonstrating traction; how many installs/handsets and daily active users etc would be appreciated. never released any data on that... google play count is still sitting between 5,000-10,000...) is this product actually working? fine if its just taking some time to catch on, this is a start up, dont need overnight success... but come on, its all been hot air.
i assume many/most likes on facebook posts are from click farms. check the names and locations. vimeo and youtube videos on the official reffind accounts have lower than expected counts. client videos posted on youtube have minimal views. nothing indicating thousands of clients.
AFR article/ Evan Lucas talking "low revenue figures/capital raising to keep the lights on" and chances of another capital raising being high didn't go down well.
that first AGM... oh man. that was a good one.
more recently, the act of shuffling of the board didn't fill me with confidence, but then i didn't have much confidence in the board its self, so a change was necessary.
they had the surprise resignation of pride and the resignation of the alternate director without explanation for either. both instances are incredibly peculiar to me. (jamie was not even considered a price sensitive announcement).
now we have a chairman who is a highly regarded specialist in the areas of corporate and personal insolvency administrations, corporate restructuring, forensic accounting and litigation support services.. and is an Official Liquidator of the Supreme Court of New South Wales, a Trustee in Bankruptcy and a Certified Fraud Examiner.
sounds good, but geez, that's a little ominous don't you think?
high turnover of staff and the skeleton crew they are running now doesn't fill me with confidence.
all of the above is in the past, and maybe there is some stability, with low wages and low expenses... but a shrinking sales team especially isn't great. only one guy in the USA now?
clients not renewing is the major red light. this alone would be why i wouldn't invest here. not until there was hard proof that they were making progress with new client signatures while keeping the old ones, and looking like they can learn from previous mistakes. only then would i consider putting another dollar into this company...
i can only hope that we are about to hear something regarding REFFIND’s "next generation solution". maybe someone knows more about it than we do, but that would be disappointing for those of us already invested here. What a horrible way to treat your long-suffering shareholders............
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