Ann: Annual Report to shareholders, page-4

Excellent analysis @Adm1.

Your chart above highlights that it is very important that we see cash burn reduced promptly. 

With this in mind, I think management should consider REDUCING their current salary to a more modest level, considering that salaries currently make up a significant proportion of total costs. I hope that management of 1ST are reading this and consider this sentiment from their patient shareholders. I appreciate the hard work of the management team and as a shareholder I would be ok to see salaries at this level in the future, but only once the company is profitable.

Klaus's salary alone ($275,000 plus $25,650 in super) is c.8% of TOTAL staff costs. I am not sure how this compares with other startup companies of this size. However, I do know that the startup method should focus on being lean. In saying this, staff costs did reduce from FY17 to FY18 and for this we should be grateful. Perhaps more of the salary should be performance based and linked to either profits or share price.

P.S. It would be a great sign if Brian Flannery was indeed now a top 20 shareholder. This would be a strong vote of confidence from a very successful investor. Fingers crossed.

Interested in opinions from other shareholders (and non-holders) regarding cash burn...

GLTAH. DYOR.