Joint Venture ?

It is interesting to note in the quarterly report that they attribute an income during the reporting period of $352,000 from Joint Venture monies. Which has been conveniently consumed by administration fees of $255,000 (for a company that has actually done nothing, or cant even be bothered provided the regular updates regarding suspension from ASX). With virtually the remainder going to repayment of director loan with an additional $39,000 in director fees.

Seriously when are the authorities going to do something about this company?

Who would put up $352,000 in Joint Venture money with this company, when effectively it has all just gone into a directors pocket?

As they have stated there was Joint Venture Money received. This would indicate there has been a JV entered into somewhere along the line. Why has this JV not been disclosed to the ASX and public?

This company appears to have no regard to the many shareholders they convinced to invest in the company. They cant even be bothered to release the required suspension notices any more. And given the current quarterly report it appears that it costs $255,000 to complete the boxes on a 5 page form for release to the ASX summarising the last 3 months expenses.

This company is a total disgrace.