Ann: Quarterly Activities Report & Appendix 4C - 31 December 2021, page-2

This is unbelievable. Once again, they claim to have "repaid" the Mega Bank debt, but it's obvious from the cash flow statement that they have not. They have simply refinanced it, using more debt.

Repayment of borrowings during the December quarter was $5.2m (and $9.6m for the half year). But proceeds from borrowings were $5.7m during the quarter (and $9.8m for the half year). So their net debt has actually increased.

Even worse, they claim to have "bolstered" or "strengthened" their balance sheet. But their net debt has increased in the past three months, from $11.2m at the end of September, up to $11.7m owing now. And their cash balance is now lower than ever. In what universe could this be described as "bolstering" the balance sheet??