Board Change • May 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Director Alessandra Scerra was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 12
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Director Filippo Aragone is the most experienced director on the board, commencing their role in 2023. Independent Director Alessandra Scerra was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. New Risk • Oct 15
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2024. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2024 fiscal period end). Share price has been highly volatile over the past 3 months (14% average weekly change). Negative equity (-€1.2m). Shareholders have been substantially diluted in the past year (175% increase in shares outstanding). Revenue is less than US$1m (€417k revenue, or US$484k). Market cap is less than US$10m (€487.2k market cap, or US$566.1k). New Risk • May 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 34% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Negative equity (-€1.2m). Earnings have declined by 69% per year over the past 5 years. Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Revenue is less than US$1m (€417k revenue, or US$471k). Market cap is less than US$10m (€547.9k market cap, or US$619.4k). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • May 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Negative equity (-€1.2m). Earnings have declined by 69% per year over the past 5 years. Revenue is less than US$1m (€417k revenue, or US$471k). Market cap is less than US$10m (€495.6k market cap, or US$559.5k). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Shareholders have been diluted in the past year (17% increase in shares outstanding). New Risk • Oct 15
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€1.2m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€148k free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-€1.2m). Earnings have declined by 69% per year over the past 5 years. Shareholders have been substantially diluted in the past year (185% increase in shares outstanding). Revenue is less than US$1m (€417k revenue, or US$454k). Market cap is less than US$10m (€1.00m market cap, or US$1.09m). 
