The $550k loan was a repayment to Mr Xu.(Refer below note 17 from the half year accounts). So I would suggest that it is now $110k owed reflecting he last quarter.
The more concerning issue is the substantial fall in cash receipts from customers ( last year Sep 15 qtr $17.8m). Note revenue has been tracking at approx 95% of receipts so the top line does not look good.
The business is clearly struggling despite millions spent on the brand , distribution network & buying key distributors & setting up the online business.
True to form no explanation or insights provided to shareholders.
17. Related party transaction During the period Mr Jiayin Xu (Director) advanced funds ($23,000) to the company to meet certain operating and administrative expenses in Australia. The total outstanding at 30 June 2016 is $550,000. The transactions between the related parties are on normal commercial terms and conditions, no more favourable than to those to other parties unless otherwise stated.
SBB Price at posting:
1.8¢ Sentiment: Hold Disclosure: Held
