They may have has 500k customers at a point in time but as with these subscription services, that number could have fallen away significantly. Anyway, in my experience with these RTOs, if we don't receive financials BEFORE the completion of the new listing, it means the numbers aren't that flash. If they were, they'd be screaming from the rooftops with them. Plus ASX has strict guidelines for how financials are reported so there's no pulling the wool over SH.
My other concern is that this $600k being raised is for the purposes of completing the DD. What does that even mean? EXM board costs? Lawyers? Nothing of that appears to be going to DMS which means the real dilution hasn't even commenced. If we end up with 1B shares at the end of this and we expect a MC of $10m, that only equates to a SP of 0.01 (less than today). $20m MC with 1B shares is 0.02.
Not exactly hot stuff.
Dropmysite, page-45
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