let's not make a mountain out of a mole hill, page-2

I agree with your sentiments regarding the auditors. They had no option but to qualify the accounts. Technically the liquidity ratios are negative. NMS cannot repay the debts as they fall due without converting a large part of those short term debts to long term debts. Hopefully NAB will come to the party with refinancing. They will be loathe to take a big financial hit. Also if the business is travelling along ok NAB will be sued by creditors who miss out if NMS is not given a reasonable chance to refinance.
My only concern is why has it taken NMS so long to organise refinancing. They have known about it for a long time.
We may see a placement and NMS will also be keen to receive around $3 mill from option conversion. So they need a good contract or two in a hurry.