For a small market cap this lot have extremely high overheads in my opinion.
The Feldman's get $534,000 between them, their property in Bondi brings in another $138,000 in rent. Management and Secretarial another $162K before we even start doing business. I'd like to know where the board goes that has cost $208K for the year!? Are you shareholders reading this?
The geologist is charged out at $360K a year. Wow, I'd love that gig considering what little exploration there appears to be going on. I'm not sure but it looks like they spent around $300K on lease costs or "exploration" and guessing most of this went to those consultants they had working on the MDL.
Did any of you go through in detail? I must be missing something but it looked to me like 55% of MCL was valued at $1.485M. "So?" you might say, but unless I'm reading it wrong that's made up of $1.7M of "goodwill". That's right, the liabilities put it in the red to -$240K or there abouts...
I've not had much opportunity to go through in real detail and I'd like to be shown where I've misinterpreted the above.... anyone?
QBL Price at posting:
1.3¢ Sentiment: Sell Disclosure: Not Held
