Ann: Results of Annual General Meeting, page-81

The $1 salary was only if they did not successfully list back in May of last year. However, should they not start sales by May this year, then his salary was to be reduced to zero. From page 106 of the prospectus:

3. In the event that the Company has not commenced the sale of products within 12
months from the date that it becomes listed on the ASX:
(a) Mr Louis Antoniou’s remuneration in his role as an executive of the Company
will reduce to US$10,000 per month until such time as sale of products
commences; and
(b) Dr Yaco Geva’s remuneration will reduce to nil until such time as sale of
products commences.

I think this is the reason they have started to make sales through the website from product manufactured in Israel. Clearly the intention had been to get the China factory up and running by now. Since this has slipped back to Q3 18, then, had they not started online sales now, then Yacov's salary would have been reduced to zero. This clause does not give much incentive to ramp up sales in the near term (over a token amount).

More important now is when they can ramp up production from the China factory. In this respect Yacov has almost 50m Class B performance shares at stake. From page 147 of the prospectus:

Class B Performance Rights: the Company receives cumulative revenue of US$30,000,000 during any continuous period of 12 months within 24 months from Admission.

Therefore they now have one year in which to earn $US 30m for Yacov to get his performance shares. This will require $US 2.5m per month on average over the next year. That's around 10k units per month. Every month that the China factory is delayed makes this target harder to achieve.

It may also provide some incentive for them to ramp up production from Israel over the months leading up to the China factory coming online. Even though the cost of Israeli production is higher than China, the Class B shares only depend on revenue and not profit. The Class C performance shares depend on a profit target, but these only kick in for the third year after the IPO.