Your right. It really looks like the team was desperate to find something else to support their job and really wanted this to work. The quality of due diligence has been disappointing.
How can we now trust the team to put the money to good work by finding another project? We can't. And we can't just sit back waiting for the government to give us grants before we proceed, because our wage costs will continue to eat into the cash balance.
Some drastic action is required. The company now has a $9M market cap and no income. This company needs to get its annual costs to below $250,000 a year or it needs to return the $17M to shareholders.
Show me the money.
Ann: Geodynamics Company Update-GDY.AX, page-8
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