Ann: December 2022 Quarterly Activities and Cash Flow Report, page-4

* Burning funds with little to show for it -- yep, I would have to agree with that.
* Not scalable -- It's the nature of the business model unfortunately. Maybe technical knowledge from BLM and a homogenous (grain husk) feed source is transferrable to future similar projects. Maybe the Brickworks site will be easily replicated across Australia if/once NSW1 is built. Maybe...
* NZ project a disaster -- again, you're not wrong. Why a Perth-based company, with 30 million tonnes of agriculture waste per year in Australia, would take on a project in NZ as its second project is beyond me. What's next? A site in Bombay or Phuket? The Australian market isn't exaxtly saturated. I'd love to know the appeal of a NZ site when surely another couple in WA would have been cheaper, more manageable, and more appropriate. There are no medals handed out for making money in the hardest possible way. It's still $1.00 earnt if it's earnt an easier way.
* Shareholders paying for management incompetence -- yeah it certainly seems that way.
* Yarra Valley possibly not starting on time -- absolutely. Delorean sets ridiculously-long goals that anticipate things proceeding at a snail's pace, and then fail to achieve them; stick another six months on their published timelines from experience.
* Yarra Valley cost over-runs -- yeah that's a reasonable fear. I remember EmptyTrolley saying a long while back that this wouldn't be an issue because cost increases would be built into the contract. I'm still concerned about it.

What we don't know is how far along NSW1 (Brickworks) and QU1 are. And, how profitable SA1 and VIC1 are going to be (and if/when they will begin -- presumably within the next 8 weeks but don't hold your breath). These damn timeline dates are missed, ignored, extended, etc. Another six months is added, without explanation, and with the ease of a few key strokes on a PPT presentation.

My hope is that:
* Lessons have been learnt in terms of technical construction methods (streamlining construction), and financial savvy from the previous builds' many financial mistakes.
* Management realise they took on way too much (a retail division, multiple projects across Australia, EPC and BOOM sites, gas licenses, government approval processes, etc.). I suspect the finance company realised it and told DEL to close the re-seller energy division and focus on the pipeline projects.
* Once (if?) construction begins, I can follow the progress of said constructions over the next twelve months, and then start to factor-in recurring revenue from these two sites over the next few decades. If both sites are fully operational we can surely add a few cents per share to the 7c share price.
* The energy crisis/transition (which will only get worse, in my opinion) will prove to be an overwhelming force that covers a multitude of sins/mistakes/incompetence as Delorean learns from past mistakes. A rising tide raises all ships.

Despite very legitimate criticism, we do make a good product. I haven't seen or read any complaints about the three sites Delorean has built. They are producing energy and processing waste. There should be a huge, insatiable demand for 100% green gas/electricity. Having X number of units of green gas to sell over the next decade is like the holy grail! Solar and wind can produce electricity but decarbonised gas options are pretty much nil. I've said before that the ridiculously-long timeframe and financing difficulties may discourage other entrants to this market.

Our share price deserves to have fallen from 20-odd cents. Whether there is enough to keep me interested in 2023....yeah I think there is. But I won't be buying more until there is more progress -- SA and VIC under construction and more EPC announcements. Progress needs to be made; and less spin from the company would be nice too.