Right... and your point is? I am technically trading KATX, and if you have knowledge in technicals, you would understand the set up that is taking place with KATX.
If you need help with reading the chart, please PM me, and I will give you a tutorial. :-D
How familiar are you with balance sheets? I'm not sure I agree with your figures, or with your extrapolation of them to arrive at the (to my mind highly erroneous) conclusion that we are funding a hedonistic lifestyle in Newfoundland :o)
We do not operate any mines so you will not find any expenditure on mining activity on our expenses sheet, but assuming you mean exploration activity, where on earth do you get the figure of $100k from? I make it more like (very roughly) $1m on wages and salaries, $500k on exploration, $425k on professional fees, $100k on option agreements and licence fees and the remainder on admin and support. Of this $2.4m total just over a fifth is direct costs of exploration and a little under a half ($1m) is paying everyone's salaries. Almost every business's biggest cost by a long way is salaries. This is perfectly normal.
Let's examine the expenditure shall we?
The left column represents the current financials for the past 6 months (from Oct 2010 to Mar 2011) and the right column represents the previous 6 months (Apr 2010 to Sep 2010).
Let's look at the previous half of the year - salaries were $750k and that's no surprise because this will be for all of the people who were involved in the exploration programs at Handcamp and at Rusty Ridge and elsewhere. Drilling was $250k - but remember these operations are labour intensive and wages probably cost as much or more than hiring the equipment. Between wages and drilling that accounts for a little over half of all expenditure. About $325k was spent on professional fees - this no doubt was to do with BVIG etc. About $110k was spent on line cutting and trenching activities, $80k on assays and $112k on geophysics surveys etc. Another $70k was spent on option agreements and there were various other expenditure on core business activities too (licence fees, insurance, field supplies, accomodation, etc, etc, etc).
Now let's review this half of the year - note that wages have been massively cut back from $750k to $212k. Bear in mind that those wages include not just Ken and Tim but also all other personnel, so if you divide it up betwen say six people (not sure how many are on the payroll in one form or another) it really is a very small amount indeed. I think they have a couple of geologists on the team and I am sure they don't come cheap. Just two geologists alone would surely account for half of that amount in six months. Overall wages was about half of the expenses for the half year, professional fees (lawyers and accountants) were about a quarter and everything else makes up the remaining quarter.
I do not see any extravangance or wastage here. I see a company that was more activity in the first half of its year than the second and which has tightened its belt and done all the right things to keep afloat whilst it is no doubt looking for (and hopefully finding and agreeing the details of) a capital investment deal in order to move forwards again. Meantime they have really controlled their budgets and have reduced expenditure massively.
No boats or jewellery out of that so far as I can see...
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