japan ann, page-15

re: japan ann. where's the whoosh? G'day,

Just to get the cash on hand issue correct.

Yes, they did have $25,314,000 cash on hand at the end of December 2004. However, that included $7,617,000 that was oversubscribed in the SPP and was refunded in January 2005.

Therefore, the "true" cash on hand at end of December 2004 was $17,697,000

How anybody can make a pejorative judgement of whether that is a lot of cash or only a little cash is beyond me. Relating cash to market cap is very tenuous. (Of course relating as NTA may have some relevance).

Of more importance for a company that is in it's planned devlopment stage is the question of whther they have enough cash to build the company as per plans through to cash positivity and profitability.

Does CST?

I'm going to let you work it out for yourself. It's very easy if you are interested enough to do a bit of work.