Something about the timing of all of this has me wondering if an unexpected adverse event/decision/ issue has occured.
We all knew that the cash situation was very poor as of 1 July, wondering how we'd make it through that month, let alone this month. Yet we had radio silence from the company.
Suddenly, in dire straits, we get a notice of a GM, giving us the required 28 days notice. In the GM we are voting on both replenishing the 25% issue facility, as well as a $3 million capital raise.
Yet, between now and then, Steve and Paul had to lend the company ~200k to keep the lights on. To be paid back in 30 days otherwise interest keeps rising.
My question is, why didn't we anticipate this and do the GM / capital raise a month earlier, which (provided we raise what we want to raise) means that Steve and Paul wouldn't have had to loan the company money.
My suspicions lean towards the fact that we thought we were going to get money from somewhere, but something failed or didn't go through. So we had to scramble to put together a GM (which requires 28 days notice), and in the interim, Steve and Paul lending money on 30 day terms.
Then you add the CFO disappearance. Perhaps he was fired because of a deal failing, or he's leaving a sinking ship and would rather not have insolvency on his resume. Or perhaps none of that, but his LinkedIn profile doesn't have a subsequent employer on it yet... make of that what you will.
On top of this, it seems that Swisswell patches aren't getting delivered. I have a family member who's also been waiting 3 weeks and the company is not responding to them. I mean, shipping delays can be explained, but not even responding to customer inquiries is disgusting.
To me, this smells of desperation. If it was foreseen, we would have had this GM and raised capital much earlier in the financial year. But instead we are getting loans to last week to week. And not even getting back to our customers.
I don't like this at all.
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