Yeh right, "new" management. Two of the five directors have been in the company for over 18 months and the latest addition to the board is directly associated with the CEO and Chairman. Alas we go into a new week and see old management still directing this spectacle.
Management does not raise anything marginally close to the timing or amounts of capital asserted to market, so the company does not have enough money in the bank. The costs are still way too high with lavish expenditure on travel ($46k per month), management, administration, advertising and marketing that harvested $6k in sales last quarter. Management cannot report properly when it comes to funding, cost cutting and potential conflicts of interests.
Having said all this, China is a big potential upside but wow the company will have major issues with so little cash in bank, high costs and more directors (all non technical) than sales, tech and support staff combined to deliver tech product and service to anyone. The upcoming quarterly report features actual numbers so the insights will be useful.
NET Price at posting:
3.2¢ Sentiment: Sell Disclosure: Held
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