As you correctly point out, it's impossible to figure out from the quarterly how this funding facility works
They have a $2.5 million convertible note payable in June. That will be interesting
Below is an extract from an interview with the CEO
''we got investment in from offshore. One of the requirements was that we list and the Chinese company – the private equity fund that brought in the bulk of the investment – wanted to list on the ASX. Within three weeks of listing, we were already an acquisition target by another Chinese company. We signed a deal with them in May of 2013. Unfortunately, the deal fell over in November/December 2014, but at that stage, they were offering $141m to acquire us.''
So the Chinese insist they list on the ASX, and 3 weeks after listing another Chinese mob makes a take over offer which is then withdrawn after millions of shares trade close to the offer price.
Draw your own conclusions but I cut my losses a while back...i figured it was better to salvage something because, in my opinion, administration appears to be a distinct possibility
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