Travel expenses!
It should be noted that in one year allana only spent a little over 540k On travel AND THEY ARE BACK AND FORTH TO AFRICA ALL THE TIME from Canada as well as courting strategic investors all over the Middle East(and world).
Be greatfull that AAA has the management team It has.
Below is a post i just wrote on Wpx bullboard.....
Are they travelling everywhere first class and drinking champagne and caviar?
Below is wpx's fiscal year ending sept 2012 expenses.
Consulting fees increased $959,154 from $2,408,614 for the year ended September 30, 2011 to $3,367,768 for the year ended September 30, 2012. Investor relations increased $116,039 from $930,075 for the year ended September 30, 2011 to $1,046,114 for the year ended September 30, 2012. Legal fees increased $337,134 from $666,217 for the year ended September 30, 2011 to $1,003,351 for the year ended September 30, 2012. Salaries increased 217,950 from $504,082 for the year ended September 30, 2011 to $722,032 for the year ended September 30, 2012. Travel expenses for corporate development increased $209,568 from $989,793 for the year ended September 30, 2011 to $1,199,361 for the year ended September 30, 2012. Travel related to investor relations increased $175,757 from $171,132 for the year ended September 30, 2011 to $346,889 for the year ended September 30, 2012.
$1.2 million for travel? Are you kidding me. Are they staying in 5 star resorts all the time?
How can someone spend $1.2 million on travel. That is a joke. And what's even funnier is they have a separate travel figure for investor relations. It's an extremely cheap $346,889 for the year. What a bargain!
So combined in ONE YEAR, Wpx burned through over $1.5 million in TRAVEL EXPENSES!
Invesstor relations cost over $1 million? Answering a phone and not really telling somebody anything that's new because if it has not already been in press releases it can't be discussed. Can I have that job please. I will do it for $950,000 per year and will promise to keep my round the world trip at less than $10,000 and save Wpx some money.
Karnalyte for the 1st 9 months of 2012 spent a total of $382,657 on all travel and on investor relations COMBINED, and they were back and forth to India all the time. Plus they actually got a deal.
How can it be that 2 companies from Saskatchewan travel the globe looking for investors and one spends $1.2 million and doesn't get a deal and the other spends $400k and gets a deal?
Perhalps one companies directors/management really like to travel in style, eat the finest meals, stay at the plushest hotels while the other carefully monitors costs and focuses on getting the best deal for shareholders.
Below is from Karnalyte's MD&A
Business and corporate development and investor relations expenses for the three and nine month periods ended September 30, 2012 amounted to $317,992 and $382,657 compared to $47,497 and $145,621 in the 2011 comparative periods. In the three and nine month periods ended September 30, 2012 the Company incurred significant expenditures relating to its push to attract potential strategic investors along with enhanced investor relations activities to provide investor updates The expenditures relate primarily to legal consulting and travel.