From just a brief read of the "finally" released 1/2 yearly report:
Congratulations to shareholders, there is some life left in this beast yet"sorta" although the level of confidence, (of some holders) regardless of the facts available, that this will not be automatically de-listed at the 1 year deadline for failing to report the 1/2 year accounts for the period ending the 31st Dec 2018 certainly raises the eyebrows.
And with the way the markets are currently, I wish all my portfolio was in suspension...
1st thing amongst many "shake my head" entries in the report....
The company never released an announcement that they had secured a loan facility of $750,000 in October 2018, the quarterly cash flow reports following that date also of the agreement failed to show this loan facility? or am I reading it wrong?
The quarterly is not showing any amount/s drawn or the total amount of the loan?
A more concise read of the announcement doesn't bode well with the amount of debt that has been accrued making it a concern for WFE to be an ongoing concern..... based on the current climate and the ability to raise funds - circa $2.5M will be needed to clear loan debts - all IMO
Just a side note, the conditions of the $750k loan are astounding taking into consideration the current standard bank interest rate for a business loan ie: Borrow $750,000 deduct ((20% fee (=$150,000) deduct 10% interest rate ($150,000)) assessable principle (less fee and interest) = $$500,000
$250,000 draw down loan facility (AGAIN not announced but it was buried in one of the recent quarterlies) which can be taken as shares issued (subject to share holder approval). Under normal circumstances, share holders would possibly reject these loans conditions (IMO) but given the length of time that capital has been locked up for and the current climate, anything that could lead to re-listing and an out to recoup some capital will be greeted with acceptance.
@Cosmoterios am I right thinking circa $1.4M being written off? - and not challenging the return of the deposit for the acquisition of the facility ?
cheers
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