with being listed there is higher admin costs , as you need I...

with being listed there is higher admin costs , as you need I think at least 3 directors including a MD , a director will not work for under $80k normally but provide little sweat labor( apart from the company secretary doing some accounting ) so right there plus with listing fees there is a burn of 300K a year that is on top of COGS.

Then normally these micro ASX listed companies insist on a board room so adds $50k to the rent cost .

Better to be a private company working out of a small industrial building in a outer city area , with a secretary/marketer employed and 3 mechanics and an engineer , that also sells OEM equipment on the side , I just about bought such a company 10 years ago that made trenchers, business sale price was around $120k inc tools , a working owner would have made around $60K a year in profit, so about the same as working for someone else but more profitable than ABV which is valued at $18M .
Difference is there is no blue sky with trenchers due to thrusting machines taking over , where as this supposedly has blue sky.