This is laughable. We are indeed in a continuous state of self denial. I guess we have no other option but to do so as our wealth has been completely eroded and it continues to be eroded. For all of us who have been following Cellmid, we know very well that this report stinks and hides the true facts as all the previous reports.
Salary costs and Administrative and Corporate cost are approximately $ 1.5 million dollars. This is far more than the reported receipts of $ 1.1 million (2.2 millions???). I have never heard a struggling company to raise salaries of employees by 33% in one go. Real joke and disrespectful to the shareholders.
Cash availability has gone down from $ 9 millions to 5 millions in one quarter. A real shock and disappointment. Excuse? Oh we no longer have long term debt. But you only paid $ 1 million. What happened to the rest of the cash?
No mention of sales volumes from US launch after the great fun fare and compliments on the successful launch. Another shocking disappointment. We are not told what actually is happening there. Obviously a lot of cash has been burnt there with very little to show with respect to revenue. We have been warned before. Remember?
No mention of sales volumes in Australia/New Zealand and no mention of revenue from the distribution of non-Ceillmid product. Another shocking disappointment? You guessed it right. Yes, a shocking disappointment and no explanation as is always the case.
The only entity that has performed well is the Japanese which is run independently. Perhaps we should close the Corporate office in Australia, release the entire management which has never done any thing right any way and let the Japanese run Cellmid. At least they seem to know what they are doing.
