Post by
KingBill on Feb 28, 2020 1:25pm
Bullshit!
Lots of companies on CSE and TSX are in worse shape than DDB but they are still doing welll through transform/financing occasionally (Pump and dump, everyone knows). The difference is on management.
Q: Why is now the right time for Data Deposit Box and its Shareholders to enter into the proposed Amalgamation? A: Data Deposit Box has faced challenges for many years due to the strategic changing landscape for cloud storage. Cloud back up storage has increasing become a commodity-like service driving prices down significantly. Large businesses have entered the market with the size and volumes that allows them to compete at a price that DDB cannot match. Revenue has continually been declining as customers have been lost or turnover at a much lower fee rate. DDB continued to look for ways to reduce costs, increase revenue and to bring new products to the market. None of the strategies have been completely successful. As per our public financial statements, (see SEDAR for the company’s MD&A and unaudited interim Financial Statements for the nine months ending September 30, 2019), we have not been profitable, have a deficit of over ten million, a declining cash balance and declining revenue on approximately 2,800 active customers. We have had a going concern note in our audited financial statements every year since our 2016 financial statements. While we have continued to operate as a stand-alone entity with a strong product, we need to make a strategic change with funding a priority in a very short time frame to be able to continue to operate in a very competitive environment.