gda have just released the half yearly, and boy oh boy is watso...

gda have just released the half yearly, and boy oh boy is watso confused.

the company shows that interest bearing liabilities have fallen from $395,000 down to $15,000, and non interest bearing deposits having fallen from $65,000 down to zero - ie a net reduction of about $445,000.. so total borrowings are $15,000

the unexplainable part as far as watso can determine, is that even in the latest quarterly, the company shows that proceeds from borrowings are $148,000 for the quarter (and also for the half year), and that repayment of borrowings totaled $52,000 (for the quarter, and also for the half year). even the net of this amount (ie $96,000), is totally at odds with the $15,000.

adding to the confusion is that the interest bearing loans were $395,000, and according to the annual report, the interest rate was between 10% and 12% (the equivalent of about $22,000 per half year) - yet the total interest payable for the half year was $1530 - in other words the loans must have been repaid at the start of the year, yet the quarterlies do not indicate this.

there must be a logical explanation, but watso cannot see it