Key facts provided in the FAS 2013-14 Annual Report
Financial:
1) The auditors where unable to obtain sufficient evidence to provide a basis for an opinion as a going concern.
2) FAS are in $12.4 million debt with a weighted average interest rate of 37% per annum.
3) FAS made a total loss of $6.6 million for the year.
4) FAS has $25,000 left in the bank.
5) FAS made $4.8 million issuing shares for the year.
6) FAS is currently in engaged in two separate lawsuits from creditors.
Directors Remuneration:
7) Kevin Robertson's remuneration was $440,000 plus another $500,000 was paid to related parties of Kevin Robertson.
8) Con Markopoulous remuneration was $410,000.
SHIP (iron ore deposit):
9) The main SHIP tenement is mortgaged.
10) FAS has a number of royalty agreements over the FAS tenement to pay 0.75% gross revenue plus up to an additional $4.65 per tonne. As part of this royalty agreement FAS has to pay an annual fee of $600.000 while no mining is occurring. FAS has also promised a separate creditor the first $1.5 million earned from SHIP.
Investor related:
11) FAS has about 1.8 billion shares on issue.
12) FAS no longer has any GWR shares as they have been sold by creditors.
13) FAS has a market cap of $7.6 million.
14) You can become a top 20 FAS holder by purchasing 10 million shares which is about $40,000.
15) There are 5,417 FAS shareholders.
