BnxaI took a quick look at the news release ,removed all the "fluff"and just looked at the hard financial numbers.
TTV in July and August is about 25-30% higher than in the last audited financial results (March quarter)
Gross profit margin on the TTV appears to have improved by about 75%,presumably through a bunch of layoffs and possibly salary reductions.
The cash balances are low and buttressed by new loans or delayed payment or renogiation of old loans at 25% ,yes 25% interest rates.Paid in cash to insiders .
So its pretty obvious that for the time being bnxa has avoided bankrupcy,can't borrow money from conventional sources .Can't sell shares into the market as I doubt there would be any buyers after what has happened other than those who are buying back shares mentioned in the news release.
So it is apparent that the insiders are feasting on the carcass of bnxa and are keeping it alive hoping that this bear market will improve whilst receiving 25% interest in cash monthly (nice return if you can get it .
Mr market seems to have responded positively .
When and if ordinary shareholders will ever benefit from all of this remains to be determined.For now bnxa is on life support .