Zoleo Potential - must read, page-8

Hi everyone.

Been watching this stock from the sidelines for the last half a year or so, and I'm getting somewhat tempted to dip my toe into this. I must admit, the big draw-card for me is the market cap peer comparison. Looks like there is definitely room for this to grow.

I also like the latest announcements re Telstra. I think this is largely positive. [Telstra Approves Beam Communications 4G IoT Router, 14/11/19]

I like that last year saw a net profit (for a 13M MC company) and 3 out of the last 5 years have also seen profit [Annual Report 2019, p.11]

What concerns me a little, is the Cash Flows. According to the September Quarterly [Market Update & Appendix 4C September Quarter 2019, 31/10/19] the company had negative cash flow from operations. Whilst Gross Margins appear healthy, adding in staff costs and other costs make this somewhat of a cash drain. With only $800k cash on hand (p. 5) and an estimated $3.5M spend next quarter (p. 6), it raises the question whether this company can get into any trouble, or see a further requirement for capital raises?

All in all, its a little bit of a mixed bag. Am I missing any other key items here (positive or negative)? What would be some of your biggest concerns with this stock? How do people perceive management and the BOD?