Lasseter, the facts are this company has not performed anywhere near expectation. The directors are absentee directors and the operator obviously left because their was greener fields elsewhere. What happens to their options now ?
Also, the quarterly activities report clearly states that the loan facility is for $7.4 million and that $6.14 million has been drawn down. Their is no extra $7.4 million.
My comments have no bearing on the share price. It only trades once a week.
There are approx. 70 million shares on issue. Most of them handed out for free as vendor shares. At 20 cents the company is capitalised at $14 million. It has 12 million convertible notes at various prices due at various times that will never be converted and $6 million in debt. It also has another 20 million diluting options that are unlikely ever to be converted.
$650,000 a quarter in gross receipts isn't going to do it !
The share price says it all !
And yes I am a very unhappy sophisticated investor.
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