Opendesk raised over £300k in 2014 on Crowdcube and then another £1.5m off platform. It has a long way to go to deliver what it said it would.
In its 2014 Crowdcube pitch, OpenDesk boldly predicted a profit for YE Dec17 of £2.5m, on sales of £171m. Well the accounts filed for this period show a loss of £1m. We guess the turnover isn't £171m. Mind the Gap.
In fact had they not chosen an accounting ploy, whereby corporation tax rebates on previous losses are included in current debtors, their balance sheet would be hanging by a thread. Whilst Im sure this accounting is perfectly legal, it makes absolutely no sense to me. This £166k in tax rebates will never materialise as cash; it will merely go against future profits - if they ever get there. Having it in current (ie due in the next 12 months) debtors is a nonsense given its current trading record. At the moment the graph shows the PBIT line heading in the wrong direction with increasingly large losses.
Recent filings, showing various new Resolutions, one of which removes pre emption rights, suggests a new round is afoot. They will certainly be needing more cash.