Yes, $9 million in bank debt (NAB) and $9.6million in redeemable convertible preference shares that are owed to vendors Verdich & CMB, due 21/1/2024.Also a $1.5m letter of credit (NAB) to Troop vendor.
They used an accounting trick in the FY22 financial statements where they have said, in effect, that because we have run the business so badly, the likelihood of the RCPS shares being paid has decreased so they took a $4 million gain through the profit & loss.
The real net loss was $13 million, not $9 million.
Come 21/1/2024, if the holders do not elect to convert for shares, they will need to be paid the full $9.6 million.
This accounting adjustment will need to be reversed in the future putting further downward pressure on future profitability. It was, in my view, a silly short-term move probably motivated by the current capital raise to muddy the waters on actually how bad they had performed.
Current directors have not done a good job and hopefully Hall's team get Board representation and bring some proper management to this potentially great company.
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