$2.1m debt due to be re-paid on jan 2, page-40

You really just need to decide for yourself what is likely to be in the next 4C. If its ugly, then getting out at 0.6c is a godsend.

They do appear to be on the verge of producing solid numbers, but I guess the real issue is that has been the appearance for awhile now.

If you still believe some money has come in, in the last quarter and the bottom line numbers will look positive. Then really a 1:10 cr shouldnt discourage you. That is very minor dilution. I know easy for me to say as a non holder, but really it could have been 1:1.

Reading between the lines with Kiril saying this took them by surprise, and it wasnt plan A or B, etc. One can only assume they had high hopes of selling Mad Energy in that timeframe.

So, you would expect they are still focussed on that sale.

Its poor practice to leave planning til the day the note is due. It didnt really affect the outcome. ie at 0.7c, the cr(if their was going to be one) was always going to be discounted to 0.5c

Im concerned that the had $1.35mil cash and about another mil in outstanding receipts. Where has it all gone? non of those receipts come in? and surely we have additional income in that period?

Not the many capital intense contracts were announce.

This 4C will either surprise us all or possibly be the last straw.

How much did Energy Mad cost and what would they likely recieve? Perhaps its enough to fund growth with no further dilution?? Debt free, its possible.