Read these threads and the financials.
In a nutshell, they were gifted a heap of money from Tesco then spent the next few years acting bigger than they actually were and spedning all that investment money on a corporate structure and software platform without first building a cashflow orientated client base.
They took a gamble that the products Tesco ordered would sell like hotcakes and disregarded most other business opportunities until it was too late.
They should have seen the writing on the walls about 12-18 months ago and taken steps to refocus the business and slash costs and investment into areas such as Tesco development, etc.
They were director & employee heavy, the amount of money paid to the directors and senior management in particular was extremely excessive for the size of business and the poor contributions made by those individuals.
Sadly they did not see the situation for what it was in time and therefore you are here where you are today with a predatory large shareholder in Custodial who will likely strip this business down for all it can to redeem it's recent $1.5M investment.
Anyone else?
Read these threads and the financials.In a nutshell, they were...
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