RE: expenses and salariesMoreover, "operating expenses" not only include salaries, but also rent, interest expenses, supplies, phone, secretarial, accounting, and so on. the salaraies are not very high, as ONC mngmt is primarily going to get rich off the shares, not the salaries
ALL of their clinical trial & R&D costs and ALL their patent related costs (eg. lawyer, filing, application fees, etc.) are NOT included in "operating expenses" - if they are then doug isn't on the ball, so to speak.
if you add together the 2000 salaries & bonuses you listed you get $562K or over 50% of total 2000 operating expenses for just the salaries of the 3 officers (whose average salary/bonus was just under $190K)
if you add together the 2001 salaries & bonuses you listed you get $666K or over 40% of total operating expenses for just the 4 officers, or an average salary/bonus of $166K
and if you take the 2002 operating expenses of $2.1M, that averages to over $300,000 per employee.
i'm not sure what your company's operating costs per employee are, but i am willing to bet they are way below that figure, especially when you consider these guys don't even have any operating revenue or even any real "operations" to speak of (other than apparently taking and making phone calls and emails from to stockhouse posters).
i also don't know why you would suggest they are paying interest expenses if they supposedly have 12 months of cash on hand
bottom line, these guys aren't exactly hurting, and on a cumulative basis, in fact, BT, MC AND DB have or soon will become millionaires just from their onc salary & bonuses, ignoring the stock options they got for virtually nothing.
i suggest that at the next AGM, a proposal be made to reduce officer salaries to nominal amounts, say $50K, to preserve whatever cash that might be left and minimize dilutoin - the rest of their compensation would be in the form of stock options with an exercise price equal to the current stock price and a 1 year expiration period. this arrangement would be renewed each year, until the phase II trials were completed.
that way, their attention would be made to focus sharply on results that significantly impact the stock price - ie. completion of phase II trial results and a partnership
it should help to eliminate or at least minimize trial delays, partnership negotiations, etc. and should sharpen their focus on prioritizing and doing the most important things that add the most value to this company, which, if they claim to have done, clearly haven't worked.
it would also get them really thinking about what should be their sole focus and not expanding their "pipeline" - losses from diluting onc 10% for tth sahres and then deciding it doesn't fit, should come out of their pockets also, not just ours.
if BT and the rest of them were really as convinced about reolysin's effectivenss as they apparently want to come across to many here, then they shouldn't have any problems with such a proposal, the intent of which is to preserve company assets as long as possible while getting those responsible for adding value to do so as quickly as possible, with reasonable consequences attached if they don't.
i'm getting tired of all the talk of patience while these guys keep up their positive rhetoric with little or nothing to show for it other than a floundering stock price, reflecting what the overall market thinks of all of their "talk". i'm beginning to wonder if thompson's middle name starts with an s...BS Thompson.