Hi FriendsIt’s been a long time and I must have missed some...

Hi Friends

It’s been a long time and I must have missed some exciting moments for this company and their lucky shareholders.

It appears that they have signed a few new deals. I’d like however to discuss their performance and track record since listing.

• August 2015: MYQ announced it had entered into a Collaboration Agreement with Telethon Kids Institute. Nothing else was ever disclosed.
• September 2015: MYQ announced it had formed a partnership with Wimp2Warrior. Nothing else was ever disclosed.
• 2016: Nothing really happened in 2016 other than the announcement regarding the CEOs generous compensation package.
• November 2017: Announcement regarding an Indian Partnership. The partnership was supposed to generate upfront payments and then millions in revenue. Nothing ever happened and the partnership never commenced.
• November and December 2017: The Company paid for two research reports which were released by RedLeaf. These included misleading assumptions and an unrealistic target share price. As result the share price rose to over $1.60.
• December 2016: MYQ announced a term sheet with Fitlab for the Mayweather Training App. The parties intended to have the product available by no later than 30 June 2018. MYQ never generated a dollar from this deal.
• March 2018: MYQ was suspended from official quotation to address queries by the ASX regarding the research reports. The ASX considered these announcements to be misleading and inaccurate. MYQ was forced to retract these announcements. The share price collapsed and several shareholders lost money.
• May 2018: the app was removed from the Apple Store.
• October 2018: Term sheet signed with MVMNT and McGregor app. This looks like a similar arrangement to the Mayweather app which never generated a dollar.

 

Other facts:

• The CEO received 10,000,000 performances which have the share price as one of the vesting conditions. These have now vested since the share price rose as result of the misleading research reports paid by the Company and issued by Redleaf.
• The CEO’s partner is still employed by the company and earns $229,950. She operates a loss making segment of the business.
• The company does not generate revenue from its core activities and has a high monthly burn rate.
• The company is already in significant debt with no foreseeable revenue.

 

I look forward to reading their quarterly which is likely to be released on the very last day and after business hours.

 

All IMO and DYOR.