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TYX 1.3¢

Activities / cash flow

  1. rester

    169 Posts.
    5
    This company is clearly not being run to the benefit of shareholders:
    - the only supposed activity during the Q was ongoing discussions with ARI (whatever that means)
    - why does IFE need a 4th director? Would think that the legislated minimum of 2 would suffice for the low little of activity.
    - $570K admin costs for the Q?
    - The 4 directors pulled an average of $14.5K/month for the Q. This from a company that in effect is insolvent.
    - Cash on hand is equal to the loan amount ($700K). $300K of this is tied up against the environmental bond, leaving only $400K.
    - seems like they are again (as for TRF) relying on the R&D rebate to keep the ship afloat. The rebate (depending on the size) will in all likely hood simply be used to repay the loan.

    These points suggest to me that the board is not concerned about its shareholders. If you are committed to saving the company you do not take home these sorts of payments for sitting around and waiting for a rebate. As a previous commentator said - hopefully shareholders will make up their losses elsewhere as it is highly unlikely that this outfit will reach great heights.

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