Ann: Full Year Financial Report and App 4E, page-9

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Barnacles

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31/08/18

09:41

Post #: 35316203
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Originally posted by lucky_cat ↑

This report has me very concerned.
Just took Meir's compensation for example;
Total package of $566,964 pa *includes $33k pa for vehicle allowance.
With the company still reporting $0 income of significance.
How can a remuneration package of this size be justified at such a critical start-up stage of the business?

Comparatively the company spent only 30% more than Meir's package on marketing expenses. How do we expect that anyone knows who SAS and what it is that we offer when we only spend a grand total of $757k on marketing and promoting the business all while total exec remuneration exceeded $1.7m - seems priorities are upside down? Heck, they almost spent as much on travel as they did on marketing!

Shouldn't the strategy be to focus on building the business first before you get to line your pockets?!
Correct me if i'm wrong but i don't see any spend on R&D. Perhaps this was offset by the government R&D rebate but that would suggest that less than $500k on R&D was spent...so the 2 key drivers for the business being marketing and R&D combined is still $500k less than the combined exec's remuneration.

$1m for office and admin?? Bloody hell, are we leasing the top floor of Crown Casino?

Finally over half a million dollars for the less than impressive cap raise? I recall it falling short a number of times before finally closing at the requested $10m - so how do we justify the $500k + for this less than stellar CR?

Clearly i'm not an expert, or i'd be sitting where management is, but as a business owner i know what a good set of books looks like, and these books look like a pile of BS. How long until the next CR/dilution? We won't last 10 months at the current burn rate.

I've heard the doubters label SAS a lifestyle play for management and i was dismissive at the time, but after having a good look at this report, it's hard to argue otherwise. A whole lot of MOU's and 'plans' in place but until rubber hits the road and we start seeing significant income and solid financing plan in place, this does not present well.

All IMO. DYOR.

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And still no revenue from diamonds. I remember announcements last year stating a lot of bandwidth had been purchased. Where is it then? People kept saying wait for the yearly financial report. Well here we are, so where is the revenue?

SAS Price at posting: 6.3¢ Sentiment: Hold Disclosure: Held
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Ann: Full Year Financial Report and App 4E, page-9

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