Ann: Preliminary Final Report , page-5

For the record, I am not trying to defend management, I think my previous posts show where I stand in relation to them, I am trying to make sense of the latest financials.
My take on this, $4.1m are Trade Creditors, I'm pretty sure this isn't made up of contractors and subby's working at Carnarvon, if it was there would be court action going on big time and the company would be insolvent. A company is insolvent if it can't pay its debts as and when they fall due. Don't know when these are all due but if they were subbys they'd be well overdue.
I believe ERJ began making payment for 6 boxes back in July 2010, total cost somewhere between $10-$15m. We currently have Plant plus non current prepayments of circa $9.3m. My hope is that the majority of the $4.1m are invoices from Opcon for progress payments on boxes. If so, and without knowing what the payment terms are, and given they have only delivered one, if ERJ don't pay, the boxes don't come.
All the above doesn't hide the fact that ERJ still desperately needs cash, none of us want to see any more capital raisings so they need to start generating revenue asap, then they need debt finance. Some posts have talked about major agenda items coming up (Contrarian are you there??), would love to know what they are.
If my thoughts above are all too optimistic then I'd say we've all done our doe, see the value of the Carnarvon project being written down by $1.9m, wow what a cost blowout (given capex estimates were $2.5m per box) and reinforces the fact that it has been a major cluster f%$^ from day one.