Eurocontrol Technics Ord EUCTF

XwinSys – The money spent on it

[kidl2]

Going back to this “12 years by the numbers” post, how much of the nearly $8.5 Mil was spent on XwinSys?
 
Without taking the time to once again go through 12 years of MD&A’s, the short answer is: A BIG portion!
 
GFI was a finished product when EUO bought it and was never altered / developed further as far as I know.
 
Xenemetrix didn’t receive any R&D dollars to speak of until fairly recently when they finally updated their old product line in 2016. In the absence of specific statements in the MD&A’s, let’s assign $1 Mil to the product line update.
 
Croptimal’s actual R&D spending can’t be much since its claim to fame (so far) is largely based on Xenemetrix equipment (instant soil tests). My R&D spending guess would be $500k or less.
 
This leaves about $7 Mil unaccounted for and the only logic conclusion  ... This money went into XwinSys, respectively the known Doron related Israeli pockets as in Business Process Ltd and Colin Smith who, last I checked, is also a XwinSys Director. Cozy, ain’t it?
 
Point is ... None of this so called “R&D spending” has amounted to much of anything / added value for EUO shareholders.
 
Now Croptimal has become the “blue sky” project replacing XwinSys which more and more looks like a Multi Million Dollar write-off.
 
PS: I didn’t go short because I dislike EUO or its current shareholders. I went short because there is no tangible value in this Croptimal deal. How it could be worth the $0.075 to $0.12 / $4.5 Mil (60%) increase in valuation is a mystery to me. Well, not really a mystery ... Underwater shareholders tend to do crazy things most commonly known as “digging the hole deeper” or “throwing good money after bad”.