Ok Mr forensic Acountant!!
1. We are looking at the debt facility of $10M
2. Repayable from sales of product over 12mths
3. Unused finance facility at end of quarter $9.75m ($250 used so far) Point 7.5 in Quarterly
Point 1, the company has only exercised $250k to cover the cost of sales thus far!! You are making all this noise over $250k?? Really?? OMG the world has ended!!
Point 3, SKN have $9.75M of the $10M still available and unused!! THEY HAVE ONLY USED $250k SO FAR!!!!
Point 2, Repayable from sales of product.
Read it - Repayable - from - sales - of - product!!!!
As they sell the product they are then liable for that portion of debt!!
Also, if you look at the heading Production Funding on page 1 you'll see that Custodian have increased the debt facility from $1M to $10M. What does that tell you?? Custodian are confident in lending SKN the $$$!!!
There is no need for me to ring the company as I do not require clarification. I suggest that you ring HO and you get them to explain the quarterly in a way that you can understand it!
Best of luck!!
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