Slight correction to many posting on the CR ...
They have a commitment only for $1M by sophs.
To raise the other $1M - that depends on the takeup of the offer, plus the ensuing shortfall.
Folk here seem to think they already have the whole $2M in the bag, or are without doubt the complete offer will be subscribed to. We'll have to wait and see.
They got $356k only 4 weeks ago as an 80% advance on R&D rebate which has restricted uses.
One of those uses is for working capital with the 2nd being for the usual R&D expenditure - both also have to be monitored by a tax consultant.
Back to this CR..
More for working capital, and the rest for Sales & Marketing activities (wining and dining etc..as well as flights and hotels)
Oh, hang on a second, didn't they raise $1.06M in November..!! For the same purposes which don't appear to have yielded any benefits - except for an MOU which is limited to Addcom's domain of Australia and New Zealand.
Also 'annualised' revenue of $35,000 from JMP Securities in the US as well as World Phone with Visa which is again limited to Aus/NZ - same deal as the failed RAC one.
Soooo..... IF the current CR is 100% successful, that will be over $3,400,000 raised by mid-April.
It's not as if they're a mining/exploration outfit ..
Being flagrant with expenditure in this manner is banging nails into the coffin.
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