Note 25 e to the accounts refers to a 30 day loan of $100,000...

Note 25 e to the accounts refers to a 30 day loan of $100,000 obtained by the company since the end of the year to meet creditor obligations and the interest to be charged is $50,000.

By my reckoning that is an annual interest rate equivalent of 600%

Note that they are in default on this loan (like nearly every other one) so if the normal interest this high, how much is the interest rate when the loan is in default? 1200%?

Then of course there are the four secured loans of some $7.2m (Note 11 refers) and look at the interest rates on those:
Loan $3.123m 27.5%
Loan $1.192m ($9000 per week) or circa 39%
Loan $2.179 60% (but this creditor holds all the key security)
Loan $700,000 20%

So the too good to be true convertible notes of $10m are going to save the day.

As at 30/6/14 interest bearing loans of $7.223m plus current trade payables of nearly $5.2m a total of $12.4m. Add to that interest on the above 4 loans to say 30/11/14 which I calculate to be $1.148m (yes their interest bill on this is $229,000 per month or $7400 per day this farce continues) as well as the post balance date loan of $100,000 plus say two lots of interest so $200,000 (assuming they are only paying 600% not default levels), this brings the total debt up to circa $13.8m. But of course the figure for trade creditors and trade payables run up since balance date (note still accruing $400k plus for the MD's salary) the overall level of creditors and payables must be in excess of $14m.

So Iworld's $10m is going to save the day? On this basis even if they tip this in FAS will still be down the hole for $4m.

But then of course iron ore projects are the flavour of the month at the moment especially those without a feasibility, without a water source for processing, high strip ratio, no port access, no offtake and a management team with such skills and dexterity that can rack up such astronomic debt that its auditors refuse to form an opinion on its financial statements. Just the sort of company you would invest/lend $400m to get into production as the iron ore price sinks to sub $75.