Home Gamers, this news trumpeting Glance great success with its restaurant roll-out is total non sense.
The company burns thru $1.7 per month or thru $5.1 Mill per quarter. meanwhile, Mgmt is patting themselves on the back for having rolled out their tech to 50 new locations. This implies that each of the new locations rolled-out (50) cost the company 102k per instal. Mgmt further trumpets its great US launch success, yet all that they have to show for this effort is 6 restaurants in California.
Mgmt clearly cant execute. Spending $5.1 mill last quarter to instal is sparse 50 new locations? At this rate, it would take a century for the app to be profitable.
The only way forward for the company is for Penny to regain control, re-load the treasury (yep because money is all but gone with cash on had to cover the company's burn rate for about 4 months) via a $5 to $10 Mill raise as soon as she regains contol. Next step is acquisitions, and specifically two very accretive targets that can bring over $50 Mill in revenue and $2Mill in ebitda. The exact same transactions that had been brought to the board and turned down.............
I am staying long and accumulating shares on any weakness. In the very unlikely event that Penny does not win, I will promptly sell my shares (like right away) and short this thing into the ground, as it is clear to me that without Penny, this company is dead.
This Des guy is total clown. He did not sell his poast company to VW, as was suggested earlier, but to a British firm, which subsequently sold it to VW. VW is now trying to unload the asset.
In spite of having had a profitable multi million exit with that Venture, Des proceeded to loose all of that money by "Day Trading", which he ought to have know is a suckers game. Des was then contemplating to sell his home. However, Penny gave Angela a job and Des started to work for Buyatap. Concurrently with that new job, he began building an app that would later become glance. However, he never informed glance that he was also moonlighting for BuyATap, which ultimately resulted in a lawsuit against Glance that had to be settled.
