wow so you are saying that the funds were not used...

wow so you are saying that the funds were not used appropriately

that's exactly what I'm saying (IMO); and in fact many others too.....you reply to enough of my posts, you should read some of them!
6 board members, 6 employees and spending of $1.5-2m per quarter mainly on salaries, and consultancy fees makes a pretty expensive cost base when there is no day to day activity happening.

You should also note that IM3NY is a separate entity, so over and above the wages that MNS is paying, they are now responsible for contributing to covering the costs of IM3NY, and history has shown that directors & board members are not being hard done by (can't say the same for shareholders).

I just hope mgmt don't see this as their payday, but rather something to try and repay the long term shareholders.....interest of ~AUD4m per year with ~AUD2m that MNS is responsible for......there needs to be some income at some point, else over and above the regular dilution, who knows what has been signed away to secure a loan