The $450k loan to Callaghan isn't due - it is interest bearing with 2% of revenue generated. Repaid when the company deems it necessary at face value.
This loan was granted in respect to spending funding on developing Aerial technology hence this announcement I reckon to keep Croplogic in compliance with the loan terms.
Furthermore, the next ProAg payment isn't due until Q4 FY18 and the next one 12-months after that.
The biggest disgrace/blunder made here by management is keeping the head office in NZ given the R&D refund cap of ~$200k
If they had moved to Austraila on listing they would of had ~$800k R&D refund.
The $450k loan to Callaghan isn't due - it is interest bearing...
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