They don't really have 7 qtrs of funding left either. Lucky to have 6 months funding.
On top of the Mercer St debt and loan facility, they owe other debtors and suppliers over $5m when last reported. They are very close to insolvency in my opinion and this may be one of the major reasons the Independent Auditors resigned through formal channels right around when their half year report is due and needing signed off by an auditor. They had to find a new auditor who isn't awake to their games and creative accounting practices.
4 Independant Auditors in 4 years.... there's a clue there.
Won't be long before that Half Yr Financial report will be due. That will make for some interesting reading and not going to be pretty reading.
Expect and attempted pump and Capital raise very soon.
MXC Price at posting:
1.1¢ Sentiment: None Disclosure: Not Held
