A tough situation for the company.
Sales revenue decreased from $30,815 to $3,759
Losses increased to $10m for the year.
Just $1.6m left in the kitty at the end of June
Recruitment and pre-commissioning incurred expenses of over $4.0 m but then most of the
workers laid off.
Debt facility has not progressed.
Bridging loan of $3 m received - $200,000 establishment fee and 12.5% PA, half is already spent.
Ann: Valence Industries 2015 Annual Financial Report, page-2
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