Ann: Appendix 4C - quarterly , page-4

Extraordinary figures for this company: $50m on what is now a company with a $4m market cap. Not a cent cash, from what I can see. $3.7m debt, which the company is living on.

With such a huge amount of revenue, surely it would take a tweak or two to get to profitability. I can see it is taking those tweaking steps, but this is a clear case of when a company could use the equity market to raise capital and give it some breathing space. $50m revenue is almost unbelievable!

I see that it has had covenant breaches in the recent past. It is like this cash cow could go under, which is perhaps why there is the sell off. I also see that it has put itself on the block, which seems like some kind of level of company capitulation. NTA of 4.4c, it says. Something has to give here. It *should* be able to raise its own market cap in equity, pay off its debts, and be a winner.

finch2, I see you hold. What are your thoughts right now?