If you read through the announcements for the last 15 months you will see that they have been reducing costs by mass sackings, reducing the board to the statutory minimum, sub letting the offices in Miami and Houston, selling the other tenements, drawing down on the ATM and searching for a strategic partner. All this was done to reduce costs but they are still burdened by the office leases that were sublet at a loss and by the severance payments to the senior executives which were spread out over 12 months but are still ongoing. Currently the company as a 3 cent company is paying way over for the CEO but he was given his contract when lithium was selling for $60/kg. Why the company took on a $500K pa CFO after lithium tanked is beyond me and why the Chairman who has made millions from this company doesn't take a voluntary pay cut is beyond me. We won't get a clear picture of their money management skills until the severance payments and the lease payments are dealt with.
LKE Price at posting:
3.5¢ Sentiment: None Disclosure: Not Held
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