Quarterly report doesn't contain creditors - which will have risen due to underpayment/no payment to employees, suppliers etc
Payments to employees Q end Dec were $4.412m, payments to employees were $2.622m in Q end March - so you would assume some of the difference will be reflected in the creditors (which at this point we cannot see).
At this point in time, CSD exists due to Cyan Stone advancing credit - and this is going to last for another 1 to 2 quarters (assuming CSD are not found liable in the Auctus legal action).
What would be interesting (which CSD should have disclosed but didn't - refer to Clause 7 in App 5B) is whether Cyan Stone is secured or not (you should be able to see this in the half yearly).
Look, I hope that CSD can trade through this - as that is best outcome for employees and shareholders, but it doesn't look good.
CSD Price at posting:
12.5¢ Sentiment: None Disclosure: Not Held
