Will do my best as a past shareholder: Had/have ANZ Bank as...

Will do my best as a past shareholder:

Had/have ANZ Bank as their major customer going into IPO, albeit at a discounted price
The promise was use this reference customer to gain 1) New clients at full price and 2) More ANZ users
Like many in this space signed all these reseller deals with the promise of riches (like Optus) but most went nowhere
They are up to their 4th CEO since listing, the first was done for Securities fraud in the US and the second/third not up to the job
New users outside the ANZ have been scarce (~500 against 11k for ANZ)
New MD is refining Go Too Market strategy, new materials, narrower sector focus and "right" resellers - all sounds logical
Given misses on new clients and increased resources were running out of money, hence capital raise
Given ANZ is a ~$1m/year account, should now have enough cash until September-December next year - the date of CN expiry.

It is now all about securing new "full price customers - and they need around 8k-10k more to breakeven.
The key question is can they get enough 20-200 users accounts (new strategy) against previous target of 5000k user accounts.
The problem with 5000 user clients is the cycle is soooooo long (look at Citic Telecom for example)

Not an easy one, and much of the register is in the hands of ex-employees.