There are notes in the report actually, the relevant ones are contained in the borrowings.
Because the convertible notes are debt-equity hybrids their carrying value on the balance sheet is treated in a weird way, as the carrying value relates to share price too. Because the share price is so low recently, the carrying value of the note on balance sheet is much less than what actually is owed (its currently $9mil owed, they paid 1mil back)
However, as the maturity of the c note nears, the carrying value increases back to the $9 mil. This increase in liability is recorded against interest expense, making it look higher than it is. Thats why interest expense is recorded as much higher than the 14.5% they pay on the loan.
The c-note matures this time next year, they will need $9 million or a path to profitability that the instos find convincing by then or its curtains.
Weird way of accounting for it imo, since its convertible to shares, its sensible to use a higher carrying value for that note when the share price is higher than the implicit exercise price of the c-note, however if sp is lower, then the loan amount should be recorded. Ie use whatever is higher...b ut thats the australian standards for ya
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