Sumon Says- first revenues and then no revenues

   The CEO  of  Steer Technology (formerly Facedrive) is called Sumon Pushparajah.He is in charge of operating Steer Tecnology and producing revenues and trying to improve net income.And now shareholders can see how he has performed in Q2 as the Q2 report was released on August 29.

Simon Says is a child's game whereeby Simon asks the others to do things and if they don't do them then they lose.It is almost magic-like.And Simon is always in contol.Here instead of Simon there is Sumon and he performs almost magic tricks.For example, quarterly revenues went from $8 million to $15 million in a short period of time.And in the second quarter went from $15 million in Q2 2022 to $1.5 million a year later, a mere 10% of the year-ago quarter.As a result the share price has moved  after August 29 from $.15 to $.08 per share.But also almost magic like the shareholders have totally discounted the foolishness of Sumon Pusparajah.

The Usual Mish-mash of Corporate Data

This blog has made blogs on three different websites stating that the operational expenses were overstated and so intentionally understating profit.For example, the previous blog on this website states that amortization and depreciation are too high for a startup.And  there is no need for research and development in a food delivery company.Little of the corporate data  made  sense except for the revenues which were steadily climbing .And now it has dropped by 90% from the previous year.Will revenues in the next quarter be similar to those in this quarter or those in Q1?This blog expects that Q3 revenues will be between Q1 and Q2.If so then the share price which is in a range bnetween $.065 and $.075 will move back towards the Q1 price of $.15 per share.As this company needs some consistency.

The A.G.M. solution

At one time this was a $60 stock with quite good prospects.At first the problem was that management forced the share price down by exagerrating the expenses along with other accounting problems. Not one, but two accountants, have been replaced and still the data is disorganized.And now the revenues have dropped by 90% in one year.It is time to find a way of replacing the CEO.STER has released a press release stating that it has now replaced the CEO.On this news the share price moved up for almost a day and then remained unchanged.

It appears that investors believe the press release as much as they believe there will soon be an Annual General Meeting.There will be no share price increase until shareholders truly believe that there really is a new CEO and Sumon Pushparajah has sold most of his shares and moved on.                                 https://www.marketbeat.com/;https://www.omers.com/

                                                                        DaleMcintyre (M.S.Sc (econ.) is a freelance writer that writes blogs for several brokers on several business topics.