1. The market cap in 2016 was ~$22 million. The market cap in 2021 is still ~$22 million, effectively zero growth over 5 years.

2. Shares have diluted by 30% in the last 12 months. Was ~200,000,000 in June 2020, now ~270,000,000 in July 2021 when including unlisted employee options.

3. Looking at delisted.com.au, MXO used to XTD. Whilst the business hasn't changed (OOH marketing etc), name changes are not a good sign and I treat it as a form of 'phoenixing'.

Assessment.

Microcaps should be seeing explosive growth - none here for past 5 years!

Share dilution is to be expected and accepted judiciously for micro-caps - not judicious use here as unlisted options are used excessively to incentivise staff, and pay for acquisitions.