Ann: Quarterly Activities and Cashflow Report, page-10

Hay Art , Just had a look at you prised WFL ? The company has no money the money they do have is debt , I can see why You keep bagging the management of another company when this is the worst death spiral financing arrangement I have ever seen , Interest accrues at an annual interest rate of 40% -50% is the death nell of the company , these are the actions of a very desperate company , the board should be sacked , I hope the IP is worth something ? only $137,000 income ? nasty situation for trapped investors , good luck anyway.

Interest accrues at an annual interest rate of 40%, with a minimum interest amount payable of $50,000 under the Loan Facility Agreement. The Company will also become liable for interest at the rate of 50% if certain default events occur. Default events include payment default, a breach of any obligations under the Loan Facility Agreement, an insolvency event, any prosecution event against the Company or any security provided becoming unenforceable or ceases to be fully binding for any reason. The conversion price is to be determined as the lesser of an issue price per conversion share equal to the closing price of the Company’s shares on the drawdown date and 90% of the issue price of any shares issued under a capital raise within the repayment period, which is determined as the date of issuing any conversion shares, if applicable or 3 months post the drawdown date.