Ann: Appendix 4C and Quarterly Activity Report, page-5

Although I am no longer a shareholder, I am quite interested to see where the paths lead to with the new management. If the boat finally gets some wind in its sails, who knows, I might jump back in. On that basis, here's my 2 cents worth...

• In the last 4C - they estimated having 6.5 quarters (~18 months) of funding left but in this latest 4C this estimation has fallen to only 2.2 quarters (~ 6 months). In other words, they have ploughed through about 9 months more of cash than they had estimated. Given they have integrated BLC, is there a liquidity crisis looming?
• Considering the above, will they resolve it with more debt - or issue yet more equity? Will it be higher interest costs - or more shareholder dilution?
• A bit further down the report, Mr Beard hints of more M&A activity in order to "build revenue". I would like to see the business build its revenue in an organic manner - rather than import another business' ready made revenue - a la BLC. Again, higher interest costs or shareholder dilution?
• Mr Beard also states Maria got $240k plus Directors Fees as her final payment - joint payment quoted in Item 6.1. However, Item 6.1 states a total payment of $167k. What am I missing here?
• Here's a couple of charts to finish...