If one reads the release carefully there's a lot of information there for those who can do math.
First it is stated clearly that C and E both put money in...investment.
Second it is clearly stated that management of both WSGI and GTC division (for which there is one..Phipps) took stock in lieu of salaries...equity.
The sum of the two parts equals $250K. Part cash, part equity shares in lieu of taking from the bank account to pay salaries.
They need $250K for some short term near, term reason. Why? and for what?
Now at the SHM there was 1.5 mm in cash end of July. So 3 months later there is little left. That means a cash burn rate of about $500k a month since SHM.
Prior quarterlies indicated maybe a burn rate of $100k a month. Well if we presume this $250k is for Yuma, then it's reasonable to presume the first round at Yuma cost about the same $250k. Even setting aside that extraordinary event expense, the burn rate is still at least 3-4x previously reported.
What has all that money been spent on? Not salaries and not debt retirement and not legal fees.
I think we'll be pleased to learn shortly just what those funds went to proffer.
Gee... by end of year...just what they said at SHM.
Still on track.
How about that.
What many are blindly missing (pun intended) is that Clark doesn't invest this kind of his own money (and hasn't "grabbed a free share to date") consistently since day one, unless he sees enormous upside potential.
In Singapore or not.
m
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