low on cash at the moment, yes. however BITS the previous name of the company have a habit of living on a shoe string budget. They have not ceased other gaming products, but as per AGM last year they shelved a couple of projects due to manpower shortages. Also they still have token income from back catelogue.
The fall last year. The share price raced from 8p ish up to 35p on the rumour they were about to enter online gaming. Then as they were embarking on a placing to fund that move, the price was driven back down and steadied around 13-16p area, a lot of this was due to over leveraged holders getting squeezed out. Then due to the uncertainty in US the price traded down to 8p, director buying took us back above 12p. Then the UIGEA pushed the share price down to 5-7p area. Interims results and the disclosure of the low cash position pushed us down to these levels.
Since those interims about 8 weeks ago, a number of shorters have been yelling that the drawdown was immenient as was the resulting dillution. So far nothing of the sort. The company need a conservative number of users to breakeven. Something i believe they are well on the way to achieving.
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