JK and the BOD have destroyed shareholders wealth with the...

JK and the BOD have destroyed shareholders wealth with the capital raising which at best is incompetence.
The FY23 of the company shows:s

• Cash and cash equivalents $6.47m
• Total assets $16.47m
• Net assets $14.79m

The Q1FY24 report shows:

• Total revenue (unaudited) of $1.21m
• an amount of $287k was paid during the quarter to Atomo Directors in salary and director’s fees
• cash on hand of $6.92m.(Note: no information provided on the cash equivalents)

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The results show what happened to the capital raising of $2.25m as follows:

• $267k went into the piggy trough, implying a $1.068m ($267k x 4) annual piggy trough
• $1.083m went to finance the company activities
• $450k left over increasing the cash and cash equivalents of $6.47m to $6.92m

The company should be able to fund the company activities from the $6.47m cash & cash equivalents, With net assets of $14.79m the company could easily raise a line of credit from the Banks to finance the company activities.
A large portion of the $2.25m capital raising appears to be going into the piggy trough.