Poor Phorm - surely it is bust by now: time for a statement

The last we heard from joke POS company Phorm (PHRM) was on 16 March when some schmucko loaned it $500,000 in 12% coupon convertible loan notes. Mr Schmucko had more money than sense on 16 March. As of today the same is probably true but by $500,000 less. The problem is that Phorm has been spunking cash at c$2 million a month and it is now April 12.

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