Employee benefits expense in 2017 (6,904,526) and 2016...

Employee benefits expense in 2017 (6,904,526) and 2016 (6,342,460). (From last Annual Report)
Probably similar in 2018. So let's assume ~$6.5 million
Current FUM ~$400 million.
Bulk of that is Australian Absolute Return Fund with 1.31% p.a. management fees.
Smaller funds like KII - K2 Global Equities Fund up to 2.05% p.a management fees.
I cannot be bothered to figure out the weighted average, so let's say ~1.65%p.a. to make things very easy.
So, from $400 million in FUM, at an average ~1.65%p.a. in management fees, they would get $6.5 million.

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In other words, using very 'back of the envelope' figures, it would seem that if FUM stayed were it is, then they are really only covering staff costs. Performance fees would be necessary for good returns. However, FUM is still trending down and markets 'look' high.

Due to competition from low cost index funds, the argument would be that they might be able to use a market downturn to 'prove their worth'. However, a downturn would also negatively impact on FUM and performance fees, so probably not the answer, either.

Like I said before, I think that the Mkt cap of $32.54M is a little too optimistic. However, that is just representative of the state of the market at the moment, IMO. Of course, I have been wrong in the past and the turn around might be just around the corner.