RE: BULLISH STATEMENT30 Sep 2022 14:27
Long-term investor but don't really post here [I did a few posts the other year under a different user name].
I genuinely cannot believe what I read in today's Half-Year report. 10K in revenue across 6 months. £2 million cash burned through in the last 6 months. What in God's name makes up the £1.7 million of operating expenses for the first 6 months?
We know from the 2021 accounts, published at the end of June, that the salaries of Directors and managers were extortionate. We also know that Mark Duffin was issued with 103,953,600 shares, and some of the shares of the other Directors are staggering in size also.
It beggars belief that a company that generates less than 2K a month in revenue has operating costs of circa £283,000 per month. I run a modest company that generates roughly 100K a month and I cannot even imagine how OUR operating costs could be 2.5x our revenue, never mind over 100x. Yes, different sector, and yes, development costs etc. are going to be much higher in a company like this, but this ratio is unprecedented.
There is no other substance in the report. There are vague promises and updates but nothing tangible. I also note from 2021's report that of the 208k revenue for the year, 100k of this was from just 2 customers. This is a huge % of overall [modest] revenue and my guess is that revenue stream [and others] has dried up.
This is not an issue just for this year. The balance sheet also makes for depressing reading - a retained loss of £17,781,788. These are not new issues - clearly the company, year on year, is posting loss after loss. Not only is there no tangible progress on revenue streams, contracts, etc. but the operating expenses are actually INCREASING over time. This is simply abhorrent.
Finally, I am not a paid deramper - nor is anyone on this forum. I am simply a shareholder who is bewildered, depressed, and stunned by the manner in which this company/group is managed and run.