Agreed absolutely disastrous Ian has lost complete trust of shareholders by his lack of transparency. Time for a new experienced CEO to try and actually generate revenue? Doesn’t matter if you have amazing tech meaningless and worthless if you can’t get paid for that tech.

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.

I personally have more than a few concerns about management here but happy to argue against the calls to sack Ian.

I think any calls for a new CEO should include as a minimum:

* what you would like the new CEO to do differently? (most people seem to just want the share price to magically increase, lol)

* how do you think the company would pay for increased overheads? The current cash situation is dire

For all Ian’s faults, I think he has the right incentives and experience to see the company through the current situation (crisis maybe not too strong a word?).

He proved through the early days of COVID and again now that he is willing to ruthlessly rip cost out of the business to ensure survival. With no access to easy outside capital, that’s about the best that can be done in the short term imho.