So short of cash that they need a bridging loan before they receive more free cash from the government. And this just after equity financing occurred earlier this year.
$2 million liability excluding interest and charges, which makes this loan alone equate to a 10% debt to cap. ratio.
Crazy.
Perhaps the management could take a haircut if they can't manage effectively enough to ensure that at least the government handouts and equity financing activities are enough to keep the lights on.
CDX Price at posting:
6.0¢ Sentiment: None Disclosure: Not Held
And this just after equity financing occurred earlier this year.
