I had a look at the annual report.
It is not very enlightening.Lacks detail
The cost of employing and administering a staff of 23?
was over $4.8 million last year!
Administration & corporate expenses (1,794,792)
NO BREAK DOWN OF EXPENSES!
Staff costs 5d (3,092,805)
(d) Staff Costs
Salaries, wages & fees 2,557,030
Superannuation 224,686
Payroll tax 149,427
Employee entitlements 101,076 ?
Other staff costs 60,586 ?
3,092,805
Plus the following consultancy fees which would appear to be a conflict of interest:
Consulting fees of $432,000 were paid or payable to SGB Jones Pty Ltd during the period in connection with
the provision of consulting services by Mr Stephen Jones (2010: $399,600). SGB Jones Pty Ltd is a company
associated with Mr Jones. These services relate to commercial consultation (WHAT IS COMMERCIAL CONSULTATION?) rather than director duties and
therefore deemed consultation services. The balance outstanding at the review date was $nil.
During the prior year, Mr Stephen Jones made a loan of $100,000 available to the company. The loan was
unsecured, interest bearing and repayable on demand. The loan and accrued interest (WHAT WAS THE INTEREST?) & bank fees of $1,035
was repaid in full during the prior year.
Consulting fees of €70,000 (2010: nil) were paid or payable to NDA Advisory Services during the period in
connection with the provision of regulatory consulting services to the Company. NDA is a Company associated
with Dr Thomas Lönngren. The balance outstanding at the balance date is €70,000.
AT THIS CASH BURN RATE THE LATEST CAPITAL RAISING WOULD LAST 4-5 MONTHS _ NO MONEY FOR RESEARCH OR TRIALS!
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