I don't really know much about TEO, nor is it in my area of expertise, but I will throw up some info from their Half Year results from Dec11, their latest announcement.
Michael J Hoy
Ross A Macdonald
Lawrence B Gozlan
Doug F McTaggart
Review of Operations
The Directors report on the continued development of Telesso Technologies Limited.
During the six months, the management focus for Telesso continues to be to source and review potential merger and/or acquisition possibilities. During the six months the board has reviewed a number of opportunities, some of which have been extensively reviewed. To date however, none have yet met the criteria for investment that the board has set. The Telesso board however, continues to be confident of a successful outcome in the near future.
In the half-year ended 31 December 2011 the Company incurred an operating loss of $208,531, which was 15.2% less than the same period of the previous year and is in line with Management expectations.
Revenue fell by 27.2% to $42,215 and is consistent with the fact that the company’s primary source of revenue at present is from cash deposits.
Total expenses decreased by 14.2% to $260,802. This decrease is brought about by a reduction in Corporate and Administrative costs which is again reflective of the cost of continuing a focus towards sourcing and reviewing potential merger and acquisition opportunities.
Cash at the end of the period was $1,733,226. Net cash used in operating activities was $294,344, which represents a 18.9% increase in net cash used from the previous period.