when the company was suspended, the company issued a report,...

when the company was suspended, the company issued a report, which included the following

"The Company anticipates that its securities will be reinstated to trading as soon as its half yearly report for the period ended 31 December 2009 is finalised and lodged with ASX later this week."

.
.
"later this week, has been and gone - unless of course the company thinks that saturday and sunday is also "later this week"

it would be interesting to know what the hold up is - surely, it cannot be that they are simply just a bit behind in preparing the accounts - as debtors would not take more than a few minutes to reconcile - and the company probably not have too much in the way of individual creditors. the company has raised funds, so a lack of immediate cash is not a problem - but there must be a problem somewhere


a quick look at the relevant report, this time, last year, gave the following bit of information

"PRINCIPAL ACTIVITIES
Corporate
Shareholder presentations held in Adelaide, Sydney, Melbourne, Perth & Brisbane.
.
.
.

a bit amusing in a way - but it seems that the first "principal activity" which was listed, was that the company gave shareholder presentations. given that this was the first item mentioned, then it could be construed, that giving shareholder presentations was the main focus of the company. is anybody else aware of another company that lists giving "shareholder presentations" , as being a "principal activity".

the corresponding report , this time last year, contained the following

"potential sales value of SMX evaluations being undertaken by Australian corporate organisations at 10
December 2008 is in excess of AU$650,000 (ex GST);

additional SMX evaluations carrying potential sales value of AU$250,000 (ex GST) are scheduled to commence
during the first quarter of calendar year 2009; and

sales and marketing activities in the first half of calendar year 2009 are expected to generate a significant
number of new SMX evaluations (within Australian corporate organisations), carrying potential sales value of
$600,000-700,000 (ex GST).
.
.
and what were the actual sales, or revenues (which were most likely recurring fees) for the year - total receipts from customers for the last calender year, were about $170,000 - but there seems to be a steady decline in receipts from customers.

sadly, for shareholders, it looks like the company has a product, that nobody really wants - and maybe $20m has been spent trying to prove up , what could end up being a dud... off course, it could have gone the other way.

it sure is understandable why some shareholders were a bit upset. nevertheless, it does seem that the company did its best to push its wares - but for whatever reason, the product does not sell - maybe there are alternatives