Ann: 2019 Annual Report to shareholders, page-3

What an absolute joke. It would be worth ELE (IOR,NSL) shareholders printing out the Operating and Financial Review section and pinning it on their wall to remind them of how badly a company can be managed.  
I cannot find a single thing that management have done that could be considered intelligent.
Interest rates at 30% pa. and other interest rates at 3.5% PER MONTH.  Sold equipment in India and never paid. How many times did I tell IOR, NSL shareholders that Indians DO NOT pay their bills.
All the iron ore that was sold and only a pittance was paid.

"Benita will pay a total of $440,000 in 4 payments between January 2020 and September 2020. To date no amounts have been received from Benita."

" 90-day secured note at 20% interest per annum, which originally matured on 18 March 2020, though subsequently has been continued on a default interest rate of 30% since this date."


"On 20 March 2020 the Company entered into a loan agreement with J.E.D International Pty Ltd for the principle sum of $75,000 at an interest rate of 3.5% per month payable over a three month period."