Saying, “Oh, well this is a new company so it’s not supposed to be profitable or have a good product yet,” is the kind of vague dismissal of these concerns that is exactly what I’m talking about. It doesn’t address the underlying issue that revenue and users haven’t even begun moving in the right direction after two years and millions spent. It doesn’t take this long to develop an app.
I also understand that the concerns related to convertible debt and licensing agreements based in revenue are a little complicated for most people, so here is the key takeaway: I’ve never seen a legitimate company do these things because it destroys value for common shareholders. The company exists to benefit its shareholders, not the other way around.
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