Bear in mind my comments are coming from someone NOT familiar...

Bear in mind my comments are coming from someone NOT familiar with this section of the market (net commerce). Just my opinion based on general business sense.

But all I have heard above and in other comments is revenue, revenue, gross profit, revenue. Comparing revenue to MC is a pointless exercise if costs are not under control.

The financial statements are a basket case. This is why the SP fell. Cash burn is low because they have not been paying suppliers hence the blowout of current payables to $31million. Companies can decide to pay or not pay suppliers as it suits them and make their cashflow statement change accordingly so I would take that figure with a grain of salt.

How can you say "Funding is now irrelevant, and cash burn is extremely low ($1.1m last qtr?)". Funding is a massive deal. Having the auditors insist on putting in the comment about working capital is a BIG deal that would not be done lightly and is a sign that things are not all that rosy and to still call the company a going concern is done on the basis that further funding is available.

Revenue is up and they are trying to turn costs around, and I reckon this could all still work out very nicely especially with VIP shop on board so I'm looking for a re-entry point. But right now on the face of it it looks bad. Revenue and gross profit mean nothing if you are hemorrhaging cash on admin. As I said the only reason cash burn didn't look bad is that they haven't paid suppliers (payables up $5m from June 2014).

SP has fallen from a basic look at the financials. I am shocked people bought at 19c today. But long term they could still be on a winner. The issue is how long will it take them to turn the cash around enough to be able to survive without needing ongoing funding?