Related party transactions are a disgrace!
$157k to -- presumably -- Ormerod's son for creative/photography in the half. That's huge.
Options issuance grossly unfair to existing shareholders. 24.5m in options exercisable at under 10c -- around 15% of shares outstanding.
Some more detail on that convertible note to the founder: it was issued with an interest rate of 9% and could be converted into shares at 3.3c each. Based on the market price when the note was converted, the company paid back 450k worth of debt using $1.2m worth of shares.
Ormerod made out like a bandit with that deal.
Related party transactions are a disgrace! $157k to --...
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