perhaps some borrowing from Peter (McKenzie) to pay Paul (Karpinski). Here would be some corporate costs, from the last financials (edited):
NOTE 6: CONTINGENT LIABILITIES
The Executive Service Agreement entered into by Korab Resources Limited with Rheingold Investments
Corporation Pty Ltd, was executed in July 2008. Under the Agreement, A K Karpinski, being the director of Rheingold Investments Corporation Pty Ltd, has agreed to provide management services to the Company at a rate of $327,000 per annum plus GST. The Agreement may be terminated by the Company at any time by giving A K Karpinski twelve 12 months' notice. In the event the Company does not require A K Karpinski to work throughout the period of notice, the Company shall tender to A K Karpinski an amount of $327,000 plus GST.
______________
That's $327k per annum plus GST...
______________
NOTE 7: RELATED PARTY TRANSACTIONS
Loans and borrowings include aggregate amount of borrowings and management contract fees of $734,788 (30 June 2012:
$679,652) which have been converted to a loan from Rheingold
Investments Corporation Pty Ltd to Korab at an interest
rate of 8.63%. Mr Karpinski is a director of the
Company and is a majority shareholder in and a director
of Rheingold Investments Corporation Pty Ltd. This
amount is not payable prior to 31 December 2013.
______________
A few loans here. How KOR is supposed to pay interest on any loans is hard to fathom, seeing as it has no income.
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