Pointerra carries its software at zero value on its balance sheet.
In terms of liabilities, the biggest item is unearned income (customers have paid cash, but services not yet delivered) -- about $2.7m worth. Then it's accounts payable, which is essentially washed off against accounts receivable.
The point being is that the BS is pretty clean.
With a total market value of $30m you get to own an enterprise that has sunk $19m (in net terms) and close to ten years into product development and customer relationships. As @Nnyck777 rightly points out, all that investment is worthless if it can't generate any money. But if the software and IP does genuinely provide value, and can be supported by a relatively scalable fixed cost base, the question is whether $30m (or about 4.2cps) is fair relative to the future free cash flow potential. And whether operations can be supported in the interim without too much extra money needing to be tipped in.
My current view is that the product offering IS genuinely attractive, but that management have made some terrible missteps in terms of communication and capital management (they really should have raised a bunch of cash in 2021 when the share price was north of 50c!), and (perhaps) some bad luck in terms of unexpected customer delays. It may also be true that the sales/marketing strategy has not been well executed.
So maybe a new CEO really is what's needed? But with Ian being the largest shareholder, I don't think that's going to happen.
The bargain hunter in me wants to believe that shares are a steal right now, but I need to see some good evidence that the deal flow is picking up before I added any fresh capital.