They actually raised $4.4m, NOT $4.9m. The $4.4m is after prospectus costs of $208k. Refer to March qtr report.
Actually there are additional prospectus costs of $200k in the June qtr report. Really they raised $4.2m.
Therefore they have expended only $0.5m this year, not $1.2m as you say.
If you accuse them of being wrong, you are also accusing the external auditor of failing to discharge their duties.
The accounts were audited to the year ending 30th June 2005.
They actually raised $4.4m, NOT $4.9m. The $4.4m is after...
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