You really need to comprehend what you are reading.Firstly I...

You really need to comprehend what you are reading.

Firstly I said that the 10 million shares were via conversion of 10 million performance shares so you are repeating what I already stated. Bottom line is they cost him ZERO.

Secondly the vend is the vend and you could drive a truck through the valuation range of $8m to $55m. Going by the quarterlies and the annual report not a lot has been done with it except for executing land purchases around it so who knows at this stage what its really worth?

Thirdly page 19 of the annual report says the following:

"The share-based payment expense of $540,000 is based on the initial agreement for 12,000,000 loan funded shares with an issue price of $0.05. The issue price per security was amended from $0.05 to $0.08 and the corresponding interest free non-recourse loan from $600,000 to $960,000 during the period ending 30 June 2023. The fair value per Share of the Plan Shares is now $0.036, total value $432,000, under the amended terms."

The 12 million shares are the 12 million shares, he already has them. The increased loan I imagine has been forced upon them by the auditors which is implied in how the auditors dealt with this as a key audit matter. In any regard the loan balance is now $960,000 so the charge to the company and the liability to the company is greater and he has no downside still. This is a ZERO interest, NON - RECOURSE loan, that's all there is to it. It's called a free hit and btw on page 58 there is a table explaining share based payments and the total amount of non - recourse loans amounts to $2,030,000.

Why would they do it this way? I never see any small company doing it this way. The usual protocol is to have performance based shares and director options. IMO the only reason you would do it this way is to have them issued as shares already so that if the stock runs it can be sold as I've mentioned he has done on a couple of occasions. Otherwise he would have to fund options exercises himself prior to being able to do anything and take the risk out of his own pocket, but why would he do that, risk is something for the rank and file. Another example of the have and have nots.

WW