Ann: Appendix 3B - Issue of Ordinary Shares and Unlisted Options, page-9

Hi Kev - long time no hear!

Yep - I agree with your point that this thing has become, "... a very sad joke". I hope you have managed to sell down some of your holding before the SP bottomed out?

I see that there's a few new names on the forum all with their fingers and toes crossed and still churning out the same "this thing is going to fly ... soon" sentiments.

According to the last Annual Report I note that NF is in receipt of 350k per annum in salary and fees. Seriously - NF gets 350k pa (excluding superannuation) and there is how much in the bank now?? Does he still fly business class?

"The performance of executives is measured against criteria agreed annually with each executive and isbased predominantly on the forecast growth of shareholders’ value." (p. 15 2018 Annual Report).

"... growth of shareholders’ value."??

If that's the case, in my view, they should also be in the negative - equivalent to 'shareholder growth'. Pfft .... I think that's the joke part of your earlier comment - sadly.

And to top it off the company loss for the year ended 30 June 2018 and noted in the 2018 Annual Report was ~ ($4,529,310)

Worse still - have a look at the accumulated losses (p. 29 2018 Annual Report). After year on year losses NF still collects a more than healthy salary + superannuation. 

Who wouldn't mind a job where you can accumulate ~ 28 million in losses and earn a very healthy salary?

At 1 July 2016 the accumulated loss was ($14,495,432) - yep just on 14.5 million!

At 30 June 2018 the accumulated loss was (28,249,168) - yep you got it - they nearly doubled up on the accumulated losses and still collected a salary.

How much cash is in the bank right now I wonder?

2018 Annual Report (p. 31)

"During the year, the consolidated entity incurred a net loss after income tax for the year ended 30 June2018 of $4,529,310 (2017: $9,811,066), incurred net cash outflows in operating activities of $4,526,096(2017: outflow of $3,692,518), and had a net current liabilities of -$338,759 at 30 June 2018 (2017: netcurrent liabilities of -$1,047,650).

The ability of the consolidated entity to continue as a going concern is dependent on securing additionalfunding through capital raising to continue to meet its working capital requirements in the next 12 months." 

Cap raise anyone?

So ... another cap raise, or CN, or another share 'placement', or some other financial instrument that will, undoubtedly, be in the best interests of holders () and away they go again.

And to think I previously supported this lot - hard to fathom.

By the way which continent are they promoting their products on at the moment? Round the world in 80 days. 

GLTAH