Hi Boz2112After closer examination I've just had a look at the...

Hi Boz2112

After closer examination I've just had a look at the director's report section in the annual report.

Salaries were as follows :

Employee Cash Salary Super Equity Settled Total

N Harvey $60,000 $5,400 NIL $65,400
K McGrath $335,229 $31,600 $176,000 $542,829
N Doyle $351,229 $31,600 $176,000 $558,829
M Leydin $96,000 NIL $17,600 $113,600
J Mouchacca NIL NIL $26,400 $26,400
G Geary $282,000 NIL $26,400 $308,400

Total $1,124,458 $68,600 $422,400 $1,615,458


The cash totals alone between cash salaries and super total just under $1.2 million or $100,000 PER MONTH.

So basically every monthly draw down through the equity facility does nothing more than pay wages. What gets spent on project development and building a company?

Since this deal was done the company's market cap has halved and currently stands at $ 7 million. And every year $1.6 mill odd goes in wages which is approx. 23% of the company's value today? And at this rate it could halve again couldn't it?

I'm starting to see why management was happy to do this deal. The 2 executives hold 26,750,000 shares as at the last notice I could find which at 1 cent is not even $270,000. Hardly hurt money when between them they are earning approx $250,000 per quarter.



DYOR