What ??
I did see the $500k new loan as stated in the Prospectus - why do you say I did not?
And on what basis do you say that I would not have disclosed it??
It certainly was not a secret, because it is stated clearly, and numerous times, in that Prospectus.
You do not have a monopoly in the ability to read. At a guess, I would say every member of HC has that ability.
You say:
"ANSWER this question…..Why did EDE require a $500,000 short term loan
when the Q stated that EDE was fully funded until February?"Mate, you are really clutching at straws.
The previous Qtlry
clearly states:
View attachment 3547292so they stated explicitly that a R/I was on the way.
You want answer as to why EDE got a loan short term loan from Noble ???
Because EDE needed the funds. If you want better particulars, then ring up EDE. Oh wait, you are not a shareholder!
As I mentioned above, I think the short term loan was to satisfy the Auditors, to enable the Auditors to sign-off the A/R, as clearly solvency would have been a concern for the Auditors.
I think it was a timing issue, in that EDE could not complete the docs for the prospectus, AND organise the commitments from those s/h, in time to satisfy Auditors etc. EDE board also had to publish the Prelim report.
I submit, your honour, the following extract from the Prelim Report:
"Audit
This preliminary financial report is based on accounts which are in the process of being audited. No disputes or qualifications are likely to occur. As the company and its controlled entities are currently reliant on raising capital to continue as a going concern and given the net working capital deficiency at reporting date,
an emphasis of matter paragraph, which is not a qualification, regarding going concern
may be included in the audit report."
Thats my opinion - if you need proper clarification I cannot help you - you need to go to the company for the facts.
Rolling - you are jumping up and down thinkingwe shareholders are all "the happy crowd"
news flash - we all know EDE is cash-strapped, and desperately needs sales.
We all have been agreed on that for years.
Sales, sales, sales.
without sales and the resultant cash inflows, EDE will need to raise equity or debt.
You do not need to tell shareholders that. We know!
I for one, am happy that Tas/Noble has pumped another $500k plus further funds into EDE - because it means that cash does not come out of my pocket - yet it helps keep EDE afloat.
(20min delay)