SG&A, page-18

Makes sense in theory but not in practice.

In practice though if you're going to try to buy it in the market, I'm not sure that you're going to be able to buy more than 10% - 20% of the company without really pushing the price of the stock up.

Any potential buyers that would want to buy a controlling stake, or the company in total, would have to do so through some sort of negotiation. On the one end, the company is completely underpriced if they can reduce expenses, break even and eventually turn a profit. On the other end, if a buyer thinks they are running out of cash, then they can get the company on the cheap... but it's not really that cheap because of the debt that the buyer will have to take on (i.e. AUD16 mn). So it seems like it's fairly priced, unless (again) they can lower their expenses and turn a profit/repay the debt, which will lead to the stock rebounding.

As of March 31, 2023, they had approximately AUD3 mn in cash. They sold the land for AUD3.5 mn, which would push their cash up to AUD6.5 mn or so. The debt will be reduced from AUD16 mn to AUD13 (hopefully they can refinance the remaining debt to a longer term maturity). In the meantime, it's about continuing to grow the top line and reducing expenses.

Not sure but it doesn't seem like it's all negative. They're not out of the woods but if they make certain hard decisions, there still is potential for this company to rebound from here. On an EV basis, the company has dropped in value from AUD70 mn (in 2020) to AUD20 mn today. Again, this seems fair given where the company stands today.