Scads of off-balance sheet liabilities.
They have admitted to $100M of QP losses, and they also have US$135M hedged at 86c - nominally around $45M of mark-to-market losses there, not admitted to (but it doesn't take Clueso to ferret it out).
debt!, page-2
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Mkt cap ! $93.95M | |||
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| No. | Vol. | Price($) |
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| 1 | 466 | $1.00 |
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| Price($) | Vol. | No. |
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