That is exactly my point, the shares issued have no impact on the profit and loss statement, and need to be considered if you are calculating a break even figure! Shares being issued is a cost to the share holders! It dilutes holdings! With your logic, let's just pay for everything with shares, then we would be running a tremendously profitable company!
If people are running with $375k USD per month from an announcement early 2019 as the "fixed cost", they might want to fact check that figure against annual reports to see if it stacks up.
What are your thoughts on the $6.9mil shares issued for "outstanding creditors"? Not a recurring cost?
They only issued ~$4.5mil scrip in 2018, P&L -$11.6mil = -$16.1mil
Issued $15.5mil scrip in 2019, P&L -$2.1mil. = -$17.6mil
Where were the shares issued for outstanding creditors in 2018? Absorbed in the P&L perhaps? As you said, I'm no accountant, not advice just my thoughts and queries.
Ann: April 2020 Trading Update, page-57
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