Ann: Annual Financial Report 30 June 2013 , page-11

Now here's a real doosie.

Page 52.

"(e) Other transactions with key management personnel

iii) Loans payable to a company related to a current director: at 30 June 2013 $1,487,436 was payable to Ti Rakau Developments Ltd, a company related to but not controlled by Andrew Goodall. This loan is secured over the assets of NuSep Holdings Ltd and accrues an interest rate of 20% per annum. The current portion of this balance for $265,152 is included in Note 19 while the non-current portion for $1,222,284 is included in Note 22. The lender has the ability to convert the loan into equity subject to shareholder approval and relevant regulatory compliance."

THIS LOAN IS SECURED. That means, if the board mismanages the business and it fails, then Mr Goodall gets the whole lot. 100%. AND WE GET NOTHING. And we're paying 20% for the privilege. Does that sound like a good deal to you?

Explain to me again why we have no investors?