Hey @stumpytrunks , I'm not cutting costs, MEL has and I'm wondering why.
Staff and Admin and Corp. June $128 March $260 Jan $246 Sept $249
When these costs drop by more than 50% in a quarter some commentary from MEL would be nice. Is it permanent, is management taking salary deductions or something else entirely? MEL desperately needs to get to breakeven or better and it can only do so by increasing revenue, cutting costs or a combination of the two.
MEL can acheive an incremental increase in production and revenue by re-working O-1 and connecting O-2. They are more likley to get $100's of thousands required to do this than the $3m to do O-3.
MEL has announced significant cost reductions this quarter which needs to be sustained moving forward.
I don't think MEL, in its current position, is ready for $3m new debt. It needs to get its house in order first. I'm hoping the cost cutting is a starting point for this
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