@fasterwater I do not think Glassdoor will buy Job Advisor I...

@fasterwater I do not think Glassdoor will buy Job Advisor I just said they are similar. Job Advisor is not part a major part of my investment thesis in any case.

@The Jackal not sure where you get your figures from regarding average revenue per placement of $500 to $600. As the distribution of placement fees is likely to be weighted towards the lower end of the range, the median will be less than the mean and so mean revenue per placement will be higher than $1,200.

As I say I don't really care how much revenue they earn at this stage but the above fact is important because it means that they did not try to mislead the market into thinking revenue per placement was higher by quoting the median. In fact, if anything the opposite is true and worst case it is just irrelevant information.

A couple more points about cash burn:

1) Last year's loss included at least $0.5 million of non-cash expenses in the form of share based payments.

2) Search Party collects the entire recruitment fee including the recruiters share from the employer and importantly retains some of the recruiters share until the candidate has completed a trial period (1-3 months). This is critical because it means that the business generates far more cash than implied by net revenues.