GMC Liquidity Position

I have been looking into the GMC's report liquidity position, and something doesn't seem to add up...

1. On 31 January 2019, GMC reported the following financing drawdown as at 31 December 2018:
   • Standby Facility - $2.5M drawn down
   • Convertible Notes - $9.0M drawn down
2. On 30 April 2019, GMC report $4.1M repayment of borrowingsthe following cash flows pertaining to financing for the quarter to 31 March 2019.
3. In the quarter to 30 June 2019, GMC make no further repayment of borrowings.
4. So by my mathematics, debt as at 30 June 2019 (and 31 March 2019) should be opening debt of $11.5M less $4.1M = $7.4M debt
5. GMC show nil financing drawn down - this seems very confusing, given they have only paid down $4.1M of borrowings (as per the quarterly reports issued via the ASX).

By my calculations, GMC have $7.4M of debt as at 30 June 2019!
Have sent a few emails to confirm this - will let you know if I hear anything further in relation to this. I think it is a critical issue...

Reported Financing Drawndown as at 31 December 2018


Reported Repayment of Borrowings During Quarter from 1 January 2019 to 30 March 2019

Reported Repayment of Borrowings During Quarter from 1 April 2019 to 30 June 2019
​

Reported Financing Drawndown as at 30 June 2019
​