Ann: Results of capital raising and Share Purchase Plan, page-24

Agree with you , the company was too small at listing and went negative profit as soon as it raked in the cash and paid off shareholder loans and then did Blue Reef without significant Durban diligence or strategy let alone execution ...too true thank god for FZO!
There is a rationale for trading unporofitably and plenty of IT companies do this for years successfullyBUT IT relies on a giving Revenue Growth! Which eventually will deliver profit
What Feb2016 listing at $4.8m revenue ——now how much 2.25years later....$6m? Some of which came via Blue Reef too...
Where are the deals, subscribers growth, new services offered?
A managed firewall is only a small part of a security solution that keeps customer safe.