@Minrose Nice take on the company, and for the most part, I...

@Minrose Nice take on the company, and for the most part, I agree with your analysis and regarding potential of the company. I've only had an initial look at this company, but feel there are some potential flags.

- SG-based company listed on the ASX? If the technology or company was truly phenomenal, wouldn't it have been better to stay private or perhaps even a larger water treatment company already purchased the technology or formed JV.

- Haven't looked at its competitors, i.e. the likes of Fluence or Phoslock, but the former seems to be well on track, particularly after their CR and recent contract win in China. Also, Dem comparing itself against the above in the most recent ppt certainly rubs off in a wrong way. There seems to be underlying reasons as to why the stock has under performed since IPO and continues to trade where it is today. 

- $8-10m guidance upgraded to $10-12m with around $3m of recurring looks good on paper, and certainly welcoming that they are generating recurring. However, isn't most of that driven from Akwa-Worx? Guidance is well attainable (which might explain the lack of excitement)?

- This then comes to the second point; actual revenue generation from its core IP / product and services has really lagged behind. The lack of developments in China and EU certainly weigh to this; a year since its announcements and the company is still pursuing project leads. There also seems to be a tendency to announce to the market every deal or partnership they get, which is great, but does dilute its performance when this is not reflected to the same degree in their accounts.

- I suspect it will be due for another CR at some point; $2.5m doesn't strike being enough to fund their growth prospects.

However, Dem does seem to be a genuine company with technology (and sales to back that up), that shouldn't be listed. I suspect sales cycle are long. Certainly an interesting story, but not sure how to think about sales and development in the year to come since that will be effectively what you are buying into.