If you magically put a new BOD in charge of this business it...

If you magically put a new BOD in charge of this business it would be a no brainer buy at the current share price .
However the history of transfer of wealth from shareholders to management and BOD is too long standing to think that it will ever end .
I sold almost all my shareholding at a loss at .005 on the announcement of the latest CR .
Kept a small holding so to have a look at the next CR .

While their Canadian holdings are cash flow positive , the business over all is not .
The Canadian operations are producing only a small positive cash flow for the amount they have invested and the business over all has a huge cash burn .
Large wages burn and huge administrative costs for a business that is not operational in its own right at the moment .

Look at the last quarterly , huge admin costs that are very material and nothing in the notes to explain them .
Often when small businesses are cash strapped BOD and senior management make some sacrifices but not this lot .
Where will the money come from for the next Canadian deal , where will the money come from to move forward on their other assets ??
It will come out of share holders pockets with more CR's or they will sell something .
The party needs to continue at all costs , the weather is not too bad in Canada this time of the year .

I have lost money before in specks without any rancor , it is part of the game , but I certainly feel bitten by this one .
Fool me for not doing enough due diligence .

gltah