I just can't understand why a business that was profitable...

I just can't understand why a business that was profitable before listing on the ASX, has now made a 3.5 million dollar loss, with only modest organic growth (either 4% or 14% depending on who you believe).

It just staggers me that all of that money has been spent to try and grow the business - and nothing has happened. I had the impression Tesserent had a very clear idea of how to grow the business when they asked the market for 7 million at 20 cents. I just can't understand it. Keith Glennan comes across in interviews as exceptionally intelligent, switched on and the sort of guy that has a plan, and thinks ahead. Russell Yardley speaks incredibly well, and has heaps of experience. But the results, when the rubber has hit the road - average. Can't understand it. Particularly given Tesserent was profitable before listing.