Shares

Existing listed companies carrying accumulated losses exceeding $100m


October 4, 2024

This list tracks almost 100 listed companies which have notched up accumulated losses exceeding $100 million and have not yet recovered that value through its share price. Also, see this companion list looking at former listed companies which cost shareholders more than $100 million. Corrections and additions by email to stephen@maynereport.com or via Twitter to @maynereport.

TPG (TPG), $6.92 billion: dropped a $29m last day profit on August 30 2024 which reduced accumulated losses to $6.92 billion. Net assets are $11.47b and the market cap is $9.22b.

Hutchison Telecom (HTA): $4.114 billion - just keeps soldiering on as a listed company, backed by billionaire Li Ka Shing. This is why the Murdochs and Packers put One-Tel under in 2001. After ploughing on, HTA has now accumulated losses of $4.114b as of August 2024 after recording a $56m loss in the latest half year. Net assets are claimed to be $159m but the market cap is around $400m with stock at 2c in August 2024.

Energy Resources Australia (ERA): $3.7 billion - see results from August 2024 which showed accumulated losses at $3.7 billion and negative equity running at $1.77 billion. This is because 90% shareholder Rio Tinto is bankrolling the circa $2 billion Ranger uranium mine clean up and sitting on the potentially lucrative deposit Jabiluka deposit which minorities would prefer they try to sell or develop. The Federal Government recently cancelled the Jabiluka lease, which ERA is challenging in the courts.

Star Entertainment (SGR): $2.178 billion: the 73,000 Star shareholders put up $4.7 billion of equity capital to enter into joint ventures with the NSW and Queensland Governments to build and run casinos. As of Feb 2024 result, Star had $2.178b in accumulated losses and claimed remaining equity of $2.5b, but that is looking a little over-stated.

Paladin Energy (PDN): $3.23 billion: had wracked up $US2.1 billion in accumulated losses by February 2024 but were only claiming net assets of $US414m when the market cap is $3.7 billion in mid 2024 ahead of a big merger with Canadian outfit Fussion Uranium. After years of pain, the uranium market is clearly turning around.

Seven West Media (SWM): $2.96 billion: is back making book profits but still has accumulated losses of $2.96 billion as at February 2024. And the balance sheet isn't conservative with net assets of $435m against a June 30 2024 market cap of $280m.

ZIP: $2.26 billion: huge goodwill write-downs delivered a $1.06 billion net loss for the buy now pay later outfit in 2021-22. Net assets were down to $398m by August 2024 but with the market cap having roared back to $2.7 billion after the 2023-24 full year results, the write-downs now look hugely overblown.

MC Mining (MCM) (formerly Coal of Africa): $1.4 billion: announced a 1.012-for-1 at 20c to raise $40m with unlimited overs in October 2022. Claims to have net assets of $US83.8m and has $US936m of accumulated losses as at February 2024. Where did the money go? Failed coal mining projects in Africa. Market cap was $56m in July 2024 and currently in takeover negotiations.

Qantas (QAN): $1.46 billion as at February 2024 although it has been as high as $4 billion at the peak of the pandemic. Claimed net assets of just $117m when market cap was $9.6 billion as at June 30, 2024.

Mesoblast (MSB): $1.3b: after floating in 2004, it had racked up $US853 million in accumulated losses by December 31, 2023 and then suffered another FDA rejection in August 2023, reducing its market cap to $305m. However, by July 2024 this had bounced back to $1.1 billion making the claimed net assets of $781m look almost conservative.

ARN Media (A1N): $1.22 billion: the old APN New & Media has been a debacle in recent years with $1.22b in accumulated losses as at August 2024. It still claims to be worth $296m when its market cap was down to $186m by August 2024.

Southern Cross Media (SXL): $1.09 billion by February 2024 they had notched up $1.089 billion in accumulated losses and were still claiming to have net assets of $432 million. But with a market cap of $146m in June 2024 there are clearly more write-downs to come.

Mayne Pharma (MYX): $944m: has been a total disaster for investors after a further $170m loss in August 2024 lifted accumulated losses to $944 million. Claims to have net assets of $454m but this exceeded the market cap of $409m after the results were released.

St Barbara Mines (SBM): $914m in accumulated losses in February 2024 and claimed to have net assets of $348m when the market cap was only $164m as at June 30, 2024.

Opthea (OPT), $864m: they want to help people see better. But by waiting until 6.30pm to release its full year results on the last day possible, perhaps they didn't want people to see the latest $US220m loss for the 2023-24 year.

Pointsbet (PBH): $835m in accumulated losses by August 2024 after another $39.6m loss in 2023-24. Claimed to only have net assets of $19 million against a market cap of $162m in early September 2024.

Kingsgate Consolidated (KCN), $754m: the mining company is focused on its Thailand gold operations these days but had managed to wrack up $754 million in accumulated losses by the February 2024 but this looks grossly overblown given the market cap was $410m in July 2024 but it only claims to have net assets of $33.5 million.

AJ Lucas (AJL), $573m: the engineering contractor has been a total disaster wracking up $573m in accumulated losses. Dropped a modest 778k loss on the last day of August 2024, but with a market of $12m there's no hope of any meaningful recovery.

29 Metals (29M), $485m: recently floated mining business led by Owen Hegarty which reported a $150m half year loss in August 2024 which lifted accumulated losses to $538m. Net assets were written down to $315m which still exceeded the $220m market cap in September 2024.

AMA Group (AMA): $487m: the largest Australian car repair company had notched up $487m in accumulated losses by February 2024. Market cap around $250m in August 2024 after a big recent capital raising.

Ariadne (ARA), $442.7m: dropped a $1.6m last day profit which reduced accumulated losses to $442.7m. Net assets are $176.9m and the market cap is $100m.

Tabcorp (TAH) $439m:
took an enormous $1.4 billion write-down under new CEO Gillon McLachlan in August 2024 which generated overall accumulated losses of $439m during its 30 year run as a public company and left it claiming to have net asset of $1.247 billion when the market cap was $1.39 billion, so they got it about right.

Cromwell Property (CMW): $438 million in accumulated losses as at February 2024 but with claimed net assets of $1.89 billion and a June 30 market cap of $1.04 billion, more big losses are coming.

Retail Food Group (RFG): $437m: claimed to make a $5.8m net profit in 2023-24 but has wracked up $437m in accumulated losses and claimed to have net assets of $208m when the market cap was $169m at end of August 2024.

Syrah Resources (SYR): $425m in accumulated losses as at February 2024 but had claimed net assets of $353m and a June 30 market cap of $355m although this was after it raised $98 million in March 2024 so plenty of overall losses for shareholders.

Syntara (SNT), $419.6m: dropped a $15.1m last day loss which lifted accumulated losses to $419.6m. Net assets are $4.7m and the market cap is $45m.

US Masters Residential, (URF) $411m: dropped a $17m last day loss which lifted accumulated losses to $411m. Net assets are $399.9m and the market cap is $219m.

Tiger Resources: $407 million. See final results from August 2019 before it was delisted in early 2020, claiming to have $160 million of negative equity, so the $407m in accumulated losses were aggressively booked.

Jervois Global (JRV): $400.8m in accumulated losses by February 2024 with more to come given the shares were at 1c on June 30 2024 giving it a market cap of $43m against claimed net assets of $170m.

LCL Resources (LCL), $386.5m: dropped a late $1.1m loss on September 12, 2024 which lifted accumulated losses to $386.5m. Net assets of $15.2m compared with a market cap of $9.6m with the stock at 1.2c.

Appen (APX): $379m: Murdoch man Richard Freudenstein chairs the AI company which got too dependent on Microsoft. They produced an $18.8m last day laggards loss in 2023-24, which lifted accumulated losses to $379m. Net assets are only $79.5m but with a market cap of $271m, hope remains

29Metals (29M): $376.3m: after a $400m+ loss in February 2024, it plunged to $376.3m in accumulated losses. And with book assets of $422m versus a June 30 market cap of $302m, more losses could be coming.

Renu Energy (RNE), $363.8m: dropped a $5.1m last day loss which lifted accumulated losses to $363.8m. Net assets are $15.7m and the market cap is $1.8m.

Capral Aluminium (CAA), $334m: is back making profits but still carried $334m in accumulated losses after the August 2024 result, leaving it with net assets of $210m against a market cap of $160m in September 2024.

Arafura Rare Earths (ARU): $331.7m in accumulated losses as at February 2024.

Dubber Corp (DUB), $327m: dropped a $40.7m last day loss which lifted accumulated losses to $327m. Net assets are $17.5m and the market cap is $32m with stock at 3c.

Bubs Australia (BUB): $318.2m:had notched up accumulated losses of $318.2m by February 2024 when it claimed to have net assets of $50m. At least the market cap was $107m by June 30.

RTG Mining (RTG): $294m: run out of Perth and has been battling over a copper gold project in the Philippines but lost another $US2.74m in a last day release on August 30, 2024, which listed accumulated losses to $US197.7m. Only claims to have net assets of $US4.52m but market cap is around $45m.

Hillgrove Resources (HGO), $274m: dropped a $4.7m last day loss which lifted accumulated losses to $274m. Net assets are $60.2m and the market cap is $111m with the stock at 5.2c.

Keybridge Capital (KBC), $261m: dropped a $13.3m profit two days after the last day deadline on September 3, 2024 which reduced accumulated losses to $261m. Net assets are $17.5m and the market cap is negligible with the stock below 1c. Nicholas Bolton and Anthony Catalano are both on the 3 man board.

Toys R Us, formerly Funtastic (TOY) $260m: wracked up a total of $260 million in losses by June 30, 2022.

Mosaic Brands (MOZ), $261m: as at Feb 2024 but waiting for the August results which have been delayed.

GeoPacific Resources (GPR), $236.6m: dropped a late $4.9m loss on September 12, 2024, lifting accumulated losses to $236.6m. Net assets of $66.3m against a market cap of $25m with the stock at 2.4c.

Starpharma: $234 million - Melbourne-based pharma research house which has accumulated $234m in losses as at June 30, 2023, but at least it only claims to have net assets of $34.8m, most of which cash, when the market cap 48.4 million (see page 55 of 2021-22 annual report) when the market cap finished 2022 at $210 million.

Terracom, (TER), $229.6m: dropped a $24.9m last day profit which reduced accumulated losses to $229.6m. Net assets are $167.9m and the market cap is $152m.

Centaurus Exploration (CTM), $229.4m: dropped a $10.7m loss on September 11, well after the August 30 2024 deadline, and this lifted accumulated losses to $229.4m. Net assets of $45.4m against a market cap of $183m.

Fluence (FLC), $224.4m: dropped a $9.5m last day loss which lifted accumulated losses to $224.4m. Net assets are $3.2m and the market cap is $107m.

Paradigm Biopharmaceuticals (PAR), $220.7m: dropped a $58.6m last day loss which lifted accumulated losses to $220.7m. Net assets are $23.8m and the market cap is $89m.

Terramin Australia (TZN): $212m in accumulated losses by February 2024 but have arguably overdone it with a market cap of $55m against claimed net assets of just $12m.

Tali Digital (TD1): $213 million - the digital health company based in Camberwell reported a $5.85m last day loss for 2021-22 but then reported a little earlier in August 2024 by which time accumulated losses were $213 million and the claimed net assets was only $2.15 million.

APM Human Services International (APM), $211m: dropped a $166m last day loss which lifted accumulated losses to $212m. Net assets are $1.22 billion and the market cap is $1.31b, propped up by a takeover bid from the same mob private equity mob which floated it a few years back.

Betmakers (BET), $203.5m: dropped a $38.7m last day loss which lifted accumulated losses to $203.5m. Net assets are $111.6m and the market cap is $86m with the stock at 8.6c.

Tigers Realm (TIG): $191m in accumulated losses as at February 2024 due to the Russians effectively stealing their coal mining operation. Claimed net assets of $133m when market cap was around $39m as at June 30.

Alterity Therepautics (ATH) (ex Prana): $182 million - wants to help people with Parkinsons. The cash balance of $35m broadly matches net assets & market cap.

Brainchip Holdings (BRN): $US185m -
the AI company reckons it only has net assets of $US14.5m as at August 2024 when the market cap was around $350m and accumulated losses had hit $US185 million.

Clean Seas Seafood (CSS), $175m: 10am Adelaide time physical AGM on November 7, 2024. See notice of meeting. Has wracked up $175m in accumulated losses. Claims to have net assets of $62m, but market cap was a miserable $31m in early October, 2024.


Genetic Technologies (GTG), $166.4m: dropped a $12m last day loss which lifted accumulated losses to $166.4m. Net assets are $1.83m and the market cap is $5.7m.

Adslot (ADS), $166.1m: dropped a $10.7m last day loss which lifted accumulated losses to $166.1m. Net assets are -$1.56m and the market cap is $4.7m.

4D Medical (4DX), $152m: dropped a $36.2m last day loss which lifted accumulated losses to $152m. Net assets are $70.9m and the market cap is $181m.

Qoria, formerly Family Zone (QOR): $148 million - the Perth-based family cyber security company lost $75m in 2021-22 alone. Has changed its name to Qoria. Market cap was around $420m in August 2024.

Thorney Opportunities Fund (TOP), $147m: managed a healthy $35m profit reported at 5.10pm on the last day of August 2024 season but still has $147m in accumulated losses. Reported net assets of $159m against a market cap of $120m.

# Wellard (WLD), $146m: the Perth-based company provides shipping for live animal export and has former Gina Rinehart side-kick John Klepec as exec chair. It lost $1.1m for the 2023-24 year and now has $146m in accumulated losses and a market cap of $22 million with claimed net assets of $55 million.

Bougainville Copper, $139m: 35 years after PNG locals stopped its mining operation, Rio Tinto is still getting mentioned in last day profit results.

Eden Innovations, (EDE), $137m: run out of Perth and operates as far a field as India and Georgia with products to make generators more fuel efficient. Produced a last day $2.56m loss which lifted accumulated losses to $137m. Net assets just $4.15m but market cap is just $6m.

Invion (IVX), $136m: dropped a $5.6m last day loss which lifted accumulated losses to $136m. Net assets are $14.4m and the market cap is $26m although stock is below 1c.

Incentiapay: $134 million - revealed it has doubled its net loss to $15.6 million in 2021-22 on revenues of only $20.6m. It has now wracked up accumulated losses of $134 million and the market capitalisation is a miserable $16 million.

Lumos Diagnostics (LDX): $135 million - only listed in 2021 but has managed to accumulate $US90.8m in accumulated losses by the time it released its August 2024 annual report, which claimed to have net assets of $US7.1m against a market cap of around $20m.

City Chic Collective (CCX), $135m: after a $93m loss in 2023-24, accumulated losses hit $135m and net assets were down to $35.1m. The market cap was $55m in September 2024.

Netlinkz (NET), $133.1m: dropped a $16.1m late last day loss which lifted accumulated losses to $133.1m. Net assets are -$3.3m and the market cap is $11m with the stock below 1c.

Wellness Life (WNX), $127.5m: sells everything from pain relief to sleep supplements, teeth whitening and medicinal marijuana. Dropped a last day loss of $14.7m as is prepares to dual list in London. Accumulated losses have hit $127.5m and net assets are just $7.2m but the market cap is $32m with the stock at 2c. Yet another Chemist Warehouse supplier which is under-water.

Next Sciences (NXS): $125m: the biotech firm is working up remedies for viruses and infections from its Sydney HQ with a Florida research and sales function. After the August 2024 last day laggard loss of $US5.85m, it had $125m in accumulated losses, just $US7 million of remaining book equity but a market cap of $A58 million suggesting there's still hope yet.

AF Legal (AFL), $122.7m: dropped a $1.6m last day profit which reduced accumulated losses to $122.7m. Net assets are $9.9m and the market cap is $14.6m.

Imricor (IMR): $119 million - is trying to develop its Vision-MR Ablation Catheter to work under real-time MRI guidance. It lost $US9.7m in 2021-22 and has accumulated losses of $US82.4 but with a market cap of $131m in August 2024 it is doing better.

Sayona Mining (SAY), $118.7m: dropped a $139m last day loss which created accumulated losses of $118.7m. Net assets are $795m and the market cap is just $267m.

Acrux (ACR): $113.7 million:
the generics company was profitable until it lost its one product in September 2017 and has wracked up another $21 million in losses over the past 2 years as it tries to develop alternative products with 16 balls in the air. On the day of its 2022 AGM it had accumulated losses of $113.7 million, audited net assets of $9 million and a market capitalisation of $19 million. See questions asked at the meeting.

Beston Global Food (BFC): $113 million: completed a $28.3 million placement and entitlement offer in November 2022 at 2.5c. Stock suspended in August 2024.

Toubani Resources (TRE), $112.1m: the Perth-based company reported a later than the last day $3.9m loss which lifted accumulated losses $112.1m. Claimed net assets are $2.2m against a market cap of $40m with the stock at 19c in September 2024.

Maggie Beer Holdings (MBH), $111.7m: the premium foods group dropped a $28.2m 2023-24 last day loss at 10.10am, which lifted accumulated losses to $111.7m. Claimed net assets of $57m compared with a market cap of $23m with the stock at 6c.

Radiopharm Theranostics (RAD), $111.3m: dropped a $47.9m last day loss which lifted accumulated losses to $111.3m. Net assets are $27.3m and the market cap is $70m.

Senetas (SEN), $109.8m: dropped a $13.4m last day loss which lifted accumulated losses to $109.8m. Net assets are -$1.6m and the market cap is $25m with the stock at 1.6c.

Analytica: $107m - revealed a $2.3m last day loss this year lifting accumulated losses to $107m. The market cap is only $4.6m with the stock at 0.1c so these are real permanent losses.

Xanadu Mines (XAM), $107m: Sydney-based company with Canadian connections which dropped a late $1m loss on September 12, 2024, lifting accumulated losses to $107m. Net assets are $64.5m against a market cap of $86m with the stock at 5.4c.


Top Shelf International (TSI), $106.6m: the Melbourne-based spirits company focuses on whisky and has had a bruising experience, dropping $21.1m in 2023-24 with this last day effort, which lifted accumulated losses to a stonking $106.6 million. Claims to have net assets of $40.5m but the market cap is down to $24m with the stock at 7.3c.

TZ Ltd (TZL), $105m:
makes locks and fasteners and was chaired by Mark Bouris for 9 years until 2018, drawing an average cash salary of more than 400k. As The AFR's Rear Window column noted in this 2023 piece, it racked up $105m in losses during the Bouris tenure and the stock crashed from 98c to just 2c.

FirstWave Cloud Technology (FCW) $104.5m: dropped a $23m last day loss which lifted accumulated losses to $104.5m. Net assets are $32.2m and the market cap is $32.5m.

Highfield Resources (HFR), $103.9m: dropped a very late $9m loss for 2023-24 on September 9, lifting accumulated losses to $103.9m. Net assets of $134.4m and a market cap of $114m so underwater overall.

Carbonxt (CG1), $102m: dropped a $8.1m last day loss which lifted accumulated losses to $102m. Net assets are $10.7m and the market cap is $26.6m.

First Graphene (FGR): $100.4 million - bills itself as "the world's leading graphene company" and after the latest $5m loss in 2021-22, it has now amassed $100.4m in accumulated losses and has net assets of just $8.4m. BUT, with a market cap of $77.5m, there's still hope.

# Nuchev (NUC) $98.2m: the St Kilda Rd-based healthy foods outfit Nuchev was a last day laggard on August 30, 2024, when it reported a $7.6m loss for the year and now has $98.2m in accumulated losses. Claimed net assets of $14m but with a market cap of $26m it hasn't quite joined the $100m loss club overall.

Site: $92.8 million - the Brisbane-based training outfit often pops up with a last day loss. In 2023-24 it was $4 million, lifting accumulated losses to $92.8m. Claimed to have negative net assets of $1.3m against a market cap of around $7m.

ACCUMULATED LOSSES EXCEEDING $20M

EML Payments (EML): had wracked up $60.5m in accumulated losses by June 2022 (see page 71 of annual report) but should be more given the lack of write-downs as claims to have net assets of $437 million when. Market cap was around $300m in August 2024.

4DS Memory: Perth-based chips company with $55m in accumulated losses and net assets of only $5.4m but the market cap is $50m so the there's hope yet, even with the stock at 3c. See 2021-22 annual report. Needs a share consolidation with 1.475 billion shares on issue.

1414 Degrees: lots of tumult at 2022 AGM for this renewable energy company which has accumulated $22.5m in losses so far.

Hexima: after another $10m loss in 2021-22, accumulated losses hit $81.16 million.

Intra Energy: Perth based company declared a loss of $17.5m in 2021-22, lifting accumulated losses to $94m and net assets to negative $38m. See annual report.

Traffic Technologies: $47m in accumulated losses by June 2022 with claimed net assets of $14m and a market cap of $11.5m with the stock at 1c.

Notable accumulated losses from last day laggard companies

Here is a list of companies which released losses on the last day of the season, August 31, and have lifted accumulated losses above $20 million.

ABX Group: aspiring Tasmanian rare earths miner has former Labor Premier Paul "pokies" Lennon as its chair. A $1m half year loss lifted accumulated losses to $20.3m but there's still hope with a market cap of $29m and net assets of $15.3m.

Antisense Therapeutics: reported a last day $5.8m loss bringing accumulated losses to $81m. Net assets are down to $21m but at least the market cap is $66m.

AssetOwl Ltd:
Lost $2.22m for 2021-22 and has now wracked up accumulated losses of $21m. The market cap is only $3m so $18m has been blown.

AusCann:
the cannabis game is expensive. Auscann reported a $26m last day loss for 2021-22 and is now up to accumulated losses of $75m. The market cap is only $17m with the stock at 4c.

BIR Financial:
revealed a $3.1m loss lifting accumulated losses to $33.2m as its net asset position slips to -$3m. The market cap is $6m so that's a net destruction of $27m for long suffering shareholders.

Crowd Media: was trumpeting a "major turnaround" in its recent $3.2m last day net loss for 2021-22, bringing accumulated losses to $44m. There's only $4.7m of net assets left and the market cap is just $16m.

Design Milk Co:
reported a $2.76m loss for the year, lifting accumulated losses over its listed company journey to an eye-popping $58.6m. Net assets are just 173k but at least the market cap is $11m.

Eve Health: reported a $5.4m last day loss for 2021-22. It has now racked up $29m in accumulated losses and only has net assets left of $6.9m but this exceeds the $5m market cap with stock at 1c. No wonder it's a last day shocker.

Fleetwood: the shares fell 5% after reporting a $47m last day loss for 2021-22, lifting accumulated losses to $88.5m.

Global Health Ltd:
reported a $2m last day loss on $6m of revenues, lifting accumulated losses to $23m, but the net assets of $6.1m are well short of the market cap of $20m so there's hope yet.

Jaxsta
: the ASX-listed and Darlinghurst-based company sounds fantastic as "the world's largest public facing dedicated data base of official music credits". However, it revealed a last day $6.23m loss and has now wracked up $42m in accumulated losses. Net assets are just 600k and market cap $6.85m.

Legend Mining: the WA explorer has wracked up $72.6m in accumulated losses, including 147k as a recent last day loss. However, even with a share price of just 3.8c it has a market cap of $107m in this latest mining boom.

Medibio: The stock is at 0.001 after it reported a last day $12.6m loss, lifting accumulated losses to $98.6m. They'll crack $100m if survive another 6 months.

Memphasys: the aspiring reproductive technology company reported a last day $2.1m loss lifting accumulated losses to $42.8 million.

Mydeal.com: was a last day laggard in February 2022 and finished with $25.5m in accumulated losses when Woolworths paid $234m for the business in September 2022.

Optiscan Imaging: reported a $4.23m last day loss for 2021-22 which lifted accumulated losses to $66.9 million.

Orbital Engine Company: Remember inventor Ralph Sarich? His old company is still floating around today with a last day laggard loss of $11m. Accumulated losses are now $38m, net assets are just $2m but there's still hope with a $19m market cap.

Pioneer Credit: have been a pretty bad debt collector for shareholders. Revealed a $33m last day loss in 2021-22, lifting accumulated losses to $72m. Claimed net assets of $41m broadly line up with market cap of $43m.

Sprintex: the Perth-based company has now legally burnt through $58m of shareholder funds after revealing a $6m last day net loss for 2021-22, lifting accumulated losses to $69m. It has net assets of only $1.2m and market cap a miserable $11m

Stemcell United: reported a $2.8m last day loss in 2021-22, lifting accumulated losses to $78 million. With a market cap of just $16m, it has destroyed a lot of shareholder value.

The Sustainable Nutrition Company: the hemp outfit reported a $5m loss bringing accumulated losses to $18.5m. But with a market cap of $17m and net assets of $5.2 they are about break even for investors.

Vectus Biosystems: based in North Ryde and trying to work up better blood pressure treatments. It lost $4m last year and has accumulated losses of $32m but with a market cap of $29m investors are still holding out hope.

Wooboard Technologies:
just lost another $2.17m in the latest year bringing accumulated losses to $22.6m. With net assets of only $1.36m and a market cap of only $3.82m, it doesn't look very hopeful for investors.

YOJEE: freight focused software as a service company with $39m in accumulated losses by February 2022.

Yellow Brick Road: $72 million in accumulated losses as at June 30, 2022.