With all due respect, I would like to say:
1 This is a new industry. Much of this expenditure relates to establishing and positioning QBL to take advantage of this undoubtedly massive industry. Many of the current costs will be fixed in nature, rather than variable, which is in itself significant.
2 The Chairman's letter identified I think 11 agreements and joint ventures which I personally think shows the commitment of the directors. Given this, I think the directors salaries are reasonable. Personally also I do not care that it is a 'family business'. I simply want the best people to do the best job: only time will tell on this, so I am happy to give them more time before I judge them.
3 Revenue of $144,000 I recall seeing licence fee income of some $3.5 million, but I have not yet established what this relates to, and whether or not it is recurring in nature. Also, as already stated, this is a new industry. The potential for MM is absolutely massive - and is only one of our revenue lines - but cannot be easily prescribed at the moment. Hence it is - in my opinion - extremely premature to judge any company in this industry on the basis of current revenue. Have you studied other companies in this industry? It would be interesting to have a comparison.
QBL Price at posting:
3.7¢ Sentiment: Buy Disclosure: Held
