Still no sign of the R&D tax refund. This represents two months of late payments on the short term loan.
15 (d) Terms and conditions of short term loan
The short term loan was drawn on 9 June 2015, and is repayable on 30 November 2015. The interest rate on
the loan is 15%pa, and the loan is secured by a registered charge over Optiscan Imaging Limited and by a first charge over the R&D Tax Incentive government rebate. A facility fee by way of the allotment of 1,000,000 shares was settled in July 2015 (refer note 23). In the event of late repayment of the loan after 30 November 2015, Optiscan would incur a further monthly facility fee of 1,000,000 shares per month until repayment is made.
Time for some good news already.
Still no sign of the R&D tax refund. This represents two months...
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