gda have just released the half yearly, and boy oh boy is watso confused.
the company shows that interest bearing liabilities have fallen from $395,000 down to $15,000, and non interest bearing deposits having fallen from $65,000 down to zero - ie a net reduction of about $445,000.. so total borrowings are $15,000
the unexplainable part as far as watso can determine, is that even in the latest quarterly, the company shows that proceeds from borrowings are $148,000 for the quarter (and also for the half year), and that repayment of borrowings totaled $52,000 (for the quarter, and also for the half year). even the net of this amount (ie $96,000), is totally at odds with the $15,000.
adding to the confusion is that the interest bearing loans were $395,000, and according to the annual report, the interest rate was between 10% and 12% (the equivalent of about $22,000 per half year) - yet the total interest payable for the half year was $1530 - in other words the loans must have been repaid at the start of the year, yet the quarterlies do not indicate this.
there must be a logical explanation, but watso cannot see it
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