so despite having ~900k in cash at Dec23, it appears that the cashflow in 3Q24 was not sufficient (or did not give the board comfort) that they could pay this back from cash.
Great that they have paid back this loan, but again via dilution at 2c
Also not sure why the rush to repay; EGP had provided a 'discount' of $20k if they paid back by the end of June, so mgmt believed things had inproved in 2H they could have gambled that the market would have recognised that via a higher share price and less dilution, but perhaps the bird in hand etc
perhaps reading too much into the tea leaves here, but it does seem like no significant change in cashflow to pay this back.......big question at what point does this support itself financially because the dilution route seems to be coming to an end....4.8m MC says it all!
SP3 Price at posting:
2.1¢ Sentiment: None Disclosure: Held
