“The Company has a loan facility available to it provided by Bizzell Nominees Pty Ltd an entity associated with the Company’s Chairman. The facility is for up to $4.5 million, interest rate on drawings is 8% and the facility is secured by a fixed and floating charge over the assets of the Company.”
Amount drawn down thus far = $1,500,000 @ 8% interest charge = $120,000 per annum.
Loan balance remaining/available = $3,000,000
Cash at Bank = $109,000
So, $1,500,000 (debt) - $109,000 (cash) = -$1,391,000 (debt).
Estimated Qtrs of funding available = 2.06
Note: all figures above are as at 31 March 2021
Ann: Quarterly Cashflow Report, page-3
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