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BUD, BUDDY PLATFORM LTD
nipper
post Posted: Jun 7 2021, 03:18 PM
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In a statement to the market on Monday, Buddy Technologies chairman Rick Borenstein noted the resignations of non-executive directors John van Ruth, Alan Robert Sparks and Rosemary Batt.

The company would replace them on an interim basis with head software engineer Paul Russell and senior e-commerce director Jim Nelson as it searches for permanent replacements, Mr Borenstein said.

The management shake up comes after Buddy Technologies in late April suspended its shares as it uncovered inflated revenues mistakenly reported to the companys board and its audit and risk sub-board committee.




and still suspended.






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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
plastic
post Posted: May 11 2021, 01:23 PM
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Suspension now indefinite.

Not a good prognosis.




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What did Uncle Mel do to us?
 
nipper
post Posted: May 5 2021, 07:12 PM
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In Reply To: nipper's post @ May 2 2021, 11:22 AM

or tomorrow
QUOTE
voluntary suspension is to last until the earlier of the Company making an announcement or the commencement of trading on Thursday, 6 May 2021

but .... but ... the company has got a lot to clear up. I do not like its chances.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: May 2 2021, 11:22 AM
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the voluntary suspension is to last until the earlier of the Company making an announcement or the commencement of trading on Tuesday, 04 May 2021;

that should clear that up.
.


\\\But is there good news coming? Very much the opposite, if recent Announcements mean anything
QUOTE
The Company refers to the ASX announcement dated 26 March 2021 titled "LIFX Replenishes Amazon, Best Buy; Fuels Record-Breaking March" and wishes to advise that as Buddy's financial team was closing the books on the Q3FY21 financials (January - March 2021), a reporting error in respect to the Company's internal management reports and accounts for the Company's March sales was identified. This error meant that the Company's management accounts for March had incorrectly included intercompany accounts (internal transfers between subsidiaries) and, as a result, the revenue figures for the month of March that were reported to both the Audit & Risk Committee and the Board of Directors were inflated.

Accordingly, the Company formally retracts the following statements in the March Announcement, which were made on the basis of the incorrect management accounts:

1. "March is on track to be the Company's highest revenue month ever, revenue expected to be more than double 2020's best month and expected to be substantially EBITDA positive";
2. "March 2021 is expected to be the highest revenue month ever for LIFX";
3. "March revenues are expected to exceed the combined holiday revenue for November and December 2020"; and
4. "Accordingly, March is also expected to deliver the highest monthly (positive) EBITDA in the Company's history", as these statements were based on the erroneous information detailed above and these milestones were ultimately not achieved.

The Company advises that customer revenue for the March 2021 quarter was A$5.0 million.
and furthermore
QUOTE
The Company refers to the ASX announcement dated 9 February 2021 titled "Buddy Announces H2 FY 2021 Revenue + Earnings Guidance" and wishes to provide the following updates:

1. whilst the Company was in trading halt last week, the Company's supply and operations team was notified by the Company's manufacturers in China that an entire production run's allocation of a critical semiconductor component for the Company's smart lights (which was being held on behalf of Buddy by the supplier), had been sold to a third party without the Company's knowledge - this component, an LED driver chip, is found in every one of the LIFX products and is currently in significantly high demand across the manufacturing landscape ranging from consumer electronics to automotive; and

2. the Company understands that the present situation is unprecedented, and as a result, without that required LED driver chip component, the Company's manufacturing activities have ceased until further notice
.

together, there is a fair bit of material uncertainty around.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
plastic
post Posted: Apr 28 2021, 12:24 PM
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No advice on when trading will resume. Even though the purpose of the suspension has been fulfilled.

That's the end of BUD imho.



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What did Uncle Mel do to us?
 
plastic
post Posted: Apr 27 2021, 08:27 PM
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Announcement out. Not good. Suspension remains. Why is the question.



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What did Uncle Mel do to us?
 


plastic
post Posted: Apr 27 2021, 06:00 PM
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Anyone following this company's current suspension will understand my cynicism of all things official, in particular anything market related.

It appears when the rules and regs don't serve a particular purpose, then they just don't matter.



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What did Uncle Mel do to us?
 
nipper
post Posted: Jul 30 2020, 06:45 PM
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ASX MARKET RELEASE 20 May 2020
LIFX Receives A$700k in EU/UK Orders for LIFX White Smart Lights; European TV Campaign Launches
SUMMARY
● LIFX has received purchase orders to support the initial stocking requirements for LIFX White in Europe totalling nearly A$700k
● This is the single largest order for the European market that the Company has ever received, and further supports the growth goals management has for Europe in 2020
● This order will provide initial stock for the U.K., Italy, France, Germany and Spain, is expected to be replenished with subsequent orders in due course, and is incremental to orders regularly received for the Company’s remaining range of lights by European retailers
● LIFX lights to be featured in first ever European television ad campaign by Google and Tink.de starting this week.

ASX MARKET RELEASE 28 July 2020
LIFX Launches New Smart Light with U.S. Retail Partners Amazon;
SUMMARY
● LIFX will launch sales of its new low cost white smart light, the LIFX White, at Amazon (NASDAQ:AMZN) and Best Buy (NYSE:BBY) in the US on Monday
● LIFX White is a new low cost product, and forms a significant strategic component of the Company’s “Big Eight Goals” for 2020
● LIFX White is launching exclusively as a stand alone light with retail partner Amazon and LIFX.com, while it is launching exclusively in a two pack configuration with retail partner Best Buy
● The launch of this new product reinforces the Company relationships with these large retailers which sought a smart light product that could be sold in large scale quantities but that was priced for affordability and whole of home deployments.

ASX MARKET RELEASE 298 July 2020
LIFX Displaces Osram in German DIY Stores; New POS Rollout

getting traction; SP up



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: May 24 2019, 03:34 PM
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Posts: 9,152
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QUOTE
For a company that competes head on with Dutch multinational Philips and its Philips Hue bulb, home-grown smart globe maker Lifi Labs (LIFX) has hidden its light under a bushel over its short seven-year life.

Now owned by the Adelaide based ‘cloud’ minnow Buddy Technologies – until recently Buddy Platform — now’s the time for LIFX to shine in the publicly-listed limelight.

Buddy recently completed the acquisition of LIFX by paying its vendors $US26.5m ($37m) cash, plus another $US24.5m of Buddy shares. Buddy partly funded the cash component by raising $18m in a placement, at 8c a share.

Given the LIFX products were developed in Melbourne, it’s a case of buying back the farm but sentimentality only goes so far: after a poorly received March quarter report that sent Buddy shares tumbling, subscribers to the raising are some 30 percent underwater.

Initially funded by crowd funding platform Kickstarter to the tune of $1.3m, LIFX succumbed to the siren call (and venture capital dollars) of Silicon Valley Most of the company’s development team remains in Melbourne.

Having sold two million bulbs to one million households in 100 countries, LIFX runs a close second to market leader Philips in an otherwise fragmented sector.

“In every market LIFX punches well above its weight,” says Buddy CEO David McLauchlan. "It’s a phenomenal company; it’s great to be bringing these guys back to Australia.”

LIFX certainly bulks up Buddy’s top line. In the March quarter, Buddy generated revenue of $1.134m, up 124 percent but proforma turnover would have been $8.75m with the inclusion of LIFX. In calendar 2018 LIFX generated $US38.5m of revenue and lost $US3.4m, but expects to be profitable in the current year.

Buddy’s quarterly statement pointed to calendar 2019 revenue growth of 70-100 percent – and first profits. But punters appeared less enamoured with the company’s cash burn of $3.24m and expected current-quarter burn of $15.2m.

The Trump administration’s decision to impose a 12 percent tariff on most of Buddy’s products also doesn’t help, although rivals are in the same boat.

Buddy also carries debt of $13.4 million via a line of credit, reduced by $9.12m. The remainder will be repaid this year, after which the company enters in a $20m working capital facility with the factoring house Scottish Pacific.

While Buddy has burnt shareholders in the past, there’s no doubt LIFX is surfing the growth of home voice devices such as Amazon’s Alexa and Google Assist (now in one out of every three US homes).

But for these gee-gaws to be of any use, households need the wi-fi connected globes. Helpfully, light sockets globally are pretty similar.

Designed to last 22 years but guaranteed for two years, the LED globes sell for $20 to $30 for the basic units and more than $100 for the deluxe versions, which can include infrared lighting.

“Prices have come down and functionality has gone up,” McLauchlan says.

The acquisitions bring heavy-hitting investors Sequoia Corp, Qualcomm Ventures and Blackbird Ventures to the Buddy register, joining existing Buddy investor and McLauchlan’s erstwhile employer Microsoft Corp (whom we have vaguely heard of).

Post the issue of 337m vendor shares, Buddy bears a $100m market capitalisation with 1.8 billion shares on issue. But with the combined entities losing $12m, the light bulb moment will come when the promised black ink materialises.
Tim Boreham



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Feb 2 2018, 06:43 PM
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BUD gets a mention in this AFR article -
QUOTE
Meanwhile Buddy Platform is another small cap to have endured a trading suspension while the ASX sought more clarity on its new contract announcements.

Shares in the Adelaide-based environmental software company, which counted a venture capital firm set up by pop star Lady Gaga and her former manager among its early investors, were suspended on Friday after the bourse was dissatisified with details it provided on four contracts which the company forecast in its September 2017 quarterly update to have aggregate revenues of $52 million.

The bourse had sent Buddy Platform the 'aware query' letter on January 23, four days after publication of the Financial Review investigation of over-hyping of client win announcements by GetSwift.

Buddy Platform's main product is Buddy Ohm, a real-time energy usage monitoring system which the company labels as a "Fitbit for buildings", which tracks energy usage and claims to help companies make savings on electricity, gas and water bills.

By the December quarter update, released on January 31, management's revenue forecast for signed contracts had grown to $69.3 million, albeit only $428,000 of actual revenue was reported in the quarter (up 5 per cent from the previous quarter). Meanwhile operating cash outflows had ballooned to $3.21 million, up 25 per cent from the previous quarter's $2.56 million outflow.

Buddy Platform's share price was suspended at $0.22, down from a high of $0.40 in November 2017.


Read more: http://www.afr.com/business/getswift-flunk...p#ixzz55wFFN9Wu


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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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