Ann: Quarterly Activities Summary Period Ended 31 December 2023, page-35

"So how did Sonogol end up owing May over $20m???"

If I knew, I would either be a lot more heavily invested, or a hell of a lot less. But what we DO know is that there is a contract, and it is progressing with the tab racking up. If there were no numbers in that account, or it gets transferred to the forgiven pile, THEN you start to panic.

"Alot of this debt has to be heavily overdue payments from A2."

Take out the "heavily overdue" part and we just might make an accountant of you yet...

"The only reason I can think of is they are trying to pressure May for a better deal (unless Sonogol genuinely don't have the $$)."

...but only after you open your mind to other, more positive possiblities, such as "the account has not been called upon yet because..."

"I hope MAY don't CR, there is already too many shares on issue."
"I'll be happy to be wrong but this quarterly is exactly what I was worried about previously."

Perhaps re-read the last part of my previous answer for my opinion on CR, may alleviate your anxiety.