There seems to be another problem, in addition to those you list.
The previous quarterly stated:
Loan facilities: available $1,500,000 used $874,726
The Amount used of Loan facilities will be refreshed to Nil subject to the shareholders approval of conversion debt to equity as per resolution 7 at the Annual General Meeting on 28 November.
I understand by this that the amount used would be counted as Nil after the AGM, so that $1,500,000 should now be available as a loan facility.
Yet today's quarterly form shows nothing available as a loan facility - nothing.
So how can GCN get by with no revenue and no loan to fall back on? They have only $354 in the bank.
GCN Price at posting:
0.5¢ Sentiment: None Disclosure: Not Held
