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clock Created with Sketch. 04/09/23
08:52
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Originally posted by CDO22:
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I did a bit of digging on the unrestricted cash bit. My understanding is that the accounts consolidate the DW as if fully drawn. Reading the report in more details, it sounds like the DW is actually not yet in place. Instead a $15mio corporate facility has been used. I don't quite understand why at this stage, but let's not (yet) focus on this. With $12.6mio drawn from that facility, Spenda must fund another $1.4mio for first loss. Then the remaining undrawn and committed part of the facility is consolidated as cash, so $2.4mio, but restricted, as it can only be used to write new loans. This adds up to $3.8mio vs the reported $3.5mio. Close enough I think... This gives me more confidence that there is no additional financial covenant that could make usage of the DW very difficult as runway decreases.
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how come DW is not executed isn't options connected to them part of them being released.
(20min delay)