if I'm reading a few things right the 4CE funding debacle...

if I'm reading a few things right the 4CE funding debacle :

Company Announcement 1 November 2019 - Debt and Equity funding package secured
extract "An initial unsecured tranche of A$0.25m and which has already been made available "and" drawn by the Company"

march 2020 Quarter review of operations

extract "The loan facility with Briggs and Macadam (ASX announcement 1 November 2019) totalling $2,500,000 "did not" proceed as the conditions precedent for the loan (including, completion of due diligence to the satisfaction of Briggs and Macadam, and the drafting of formal documentation) was not completed."


the cash component of the convertible note valued at $250,000 taken out with "Glovac Thomas Tassone" trading as Global Opportunities Pty Ltd (GTT) was fully paid out:

5.2 Debt Funding As reported in the December 2019 Quarter, the Company entered into a convertible note agreement with "Glovac Thomas Tassone" trading as Global Opportunities Pty Ltd (GTT) which provided funding totalling $250,000. During this March Quarter, Force fully paid out the cash component including principal interest, fee and payment of $50,000 in lieu of shares.The balance of the fees remains payable through the issue of 2,500,000 FPO listed shares and 3,000,000 options with an exercise price of $0.02 and an expiry of 30 June 2020.

So in Layman's terms the company organises a loan through Brigg McAdam for an upfront fee of $50,000
The company announces they have drawn down $250,000 of this, which is in fact a lie!

To rub salt into the wounds GTT, really advanced the $250,000 for a princely interest fee of $50,000 cash and 2.5m shares (todays value $30,000) plus options.

so for a $250,000 loan the company has paid $130,000 of Cash and freely tradable shares in interest, that's 52% interest on a 12 week loan.

This is only the beginning of the end, for what has gone on in this company, over the coming days and weeks more digging will reveal the true extent of the rout that has gone on.