I posted a while back about this. Dec qtr they saw a loss of only 173k and cash in bank of 3.6m i believe.
Apparently there was some serious breaches on terms of agreement such as CEO and Board resigning ands also dropping below 2 qtrs of funding. . So they knew this back in november that they breached the agreement and didnt say anything to shareholders.
Apparently One Ventures allowed it to continue but was keeping a weekly contact with New board.
So the question is why they waited months after these things happened to call receivers? My guess is that since they where having weekly calls with baord and ceo on progress, they where notified that many clients where not renewing so this would have triggered them to call in receivers before its to late.
They might have shot themselves in the foot though because receivers coming in would also suck dry the cash on hand plus would scare even more clients which would add to even more losses.
Apparently as of end of january the receivers had all ready charged over $1m in fees.
Business does seem to continue as usual and they are hiring still.
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