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Kosenar,

I think you are mistaken, but only at the margin.

1) They received a $90,000 loan commitment fee just for saying that they would make the loan if the Tax Credit was not paid on time. They may well have known it was coming as it was coming from the government. If the loan was NEVER MADE, they still get their $90,000. This is on top of their generous salaries and bonuses awarded to themselves. Nice work if you can get it.

2) IF the loan was actual drawn upon, then they would have received 12% p.a. until the point at which the grant came in. Again, nice work if you can get it.

And to be sure, most directors only converted a small fraction of their loans to shares at the recent AGM. Mostly, they have said, "I want my money back, with the 12% and the big fat commitment fees". What a joke. I guess the joke's on us.

More jobs for the boys it would seem.

Can someone remind me why it is that this company seems to struggle for capital?