My biggest concern is that the company is being run like a private company. The related party transactions in the accounts shows that $26,000 in loans to related parties was written off during the year. While this amount is not large, it's still shareholders money. Who were the related parties and why was it written off? If they were directors, why couldn't they payback the loan?
There's also payments made to related parties for services rendered. The sums are quite large and are on top of the salaries that the directors are already being paid. Always hard to tell if the services provided justify the amounts being charged.
Disappointed that I didn't pick this up sooner.
I'm hoping that envirosuite starts delivering soon to make up for these shortcomings but I will be monitoring the share price very closely moving forward.
At least the directors own a considerable amount of shares so it would be in their best interest to push the share price higher.
EVS Price at posting:
9.0¢ Sentiment: Hold Disclosure: Held
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