When the company did its back door listing the basic premise was...

When the company did its back door listing the basic premise was that it had three sources of income

1. Service fees earned by gathering IOT data which would be processed on behalf of clients who paid a service fee for the processing of useful information.

2. Some income from hosting/supporting Parse.

3. Very strong prospects arising from a deal/takeover of Noveda.

Of these, the most important was the first.  The story was that Buddy was connected to Microsoft and was a strong entrant in the IOT data processing business, which was potentially a huge source of profits. After all, billions of things were connected to the internet.

Parse was much smaller but was potentially a useful source of income too.

A tie up with Noveda was going to yield "tens of millions" of income.

But looking at the latest half yearly we can see that expenses for the period were $9.5 million and income was $1.9 of which $115,000 was interest on what was in the bank. The loss was over $8 million which was higher than the loss for the corresponding period of the previous year.

Now that's significant.  Buddy is an international company trying to sell products in the US, Canada, Australia, the Caribbean and the UK, yet a sales and marketing effort, which must cost millions of dollars, resulted in a total income from all sources of $1.8 million plus interest.

Now there's no guidance as to how that income was split up, but let's consider the figures. Just about everyone on this forum expects that that in the long term it will be the processing of IOT data that will yield the big bickies. That after all is the rationale behind Buddy. The sales of Ohm and LIFX products were simply a means to reaching that end.

But what may be alarming about the figures is that

1. If the core business is earning income from processing IOT data how much money is Buddy actually making from that?  How is that business trending? Is there any indication of steady growth in the core business because if that is going nowhere the logic behind the business model has fallen over.

Unfortunately there's no guidance about that (and a deafening silence) , so a Question for DM is "Can we have a graph showing the trends in income from each of our business entities?" "What income is actually being earned from processing IOT data?

2.  A similar question about Parse.  "Did Parse ever generate any income for the company?  What is its ongoing role?"

3. Re Ohm. Isolating the Ohm business from the company's other activities a question to DM would be "As a standalone business how is Ohm going? Given its sales, (whatever they are), and a multinational sales effort, is the business showing a positive trend?

As for LIFX, it remains to be seen whether it will show any synergies with Ohm. Nor is it clear that the Ohm business is generating any synergy with the IOT data business.  If the core IOT data business is not growing, (and on a total sales figure of $1.8 million for all of the company's businesses), it's hard to see how it can be, the business model has failed.