Ann: Quarterly Activities Report and Appendix 4C, page-3

Hmmm

So they got income of $14000


Now something interesting

They have loan facility of 9,574,705 and it is currently drawn to 5,126,894 but are paying no interest on that facility and are in non compliance as they haven't included details of the loan, interest , date, counterparty etc in the quarterly? Why not?

They have $130 in the bank at start of quarter and have running costs expected of $280,000 so need more cash - well they will have needed it by now if costs are evenly accrued throughout the quarter as already 2/3 through the quarter so would be zero in the bank right now. Lucky they believe the ( mill facility is available to them so they are liquid and they haven't broken any covenants as that would have been noted in quarterly and subsequently announced .?


Good news is they have all that gold plated office furniture they can sell!!!. Gee I wonder what the audit of plant and equipment will show and value it all at???

Are current directors investigating any past transactions to ensure that they were at arms length and proceeding to recover anything?