NGL 0.00% 4.3¢ nightingale intelligent systems inc

NGL have $700K USD of drawn down debt as at 31st Dec, it was in...

  1. 18,672 Posts.
    lightbulb Created with Sketch. 1206
    NGL have $700K USD of drawn down debt as at 31st Dec, it was in the quarterly page 4.
    Bank balance was $811K, so net cash of $111K with overheads running at $2m p.a.
    $250K USD convertible debt issued on 28th Feb, so that's $950K USD of debt.
    That's with a lot of upfront prepayments.

    Shareholders are in for a shock when the suspension is lifted.
    Big dilution coming to fund expansion, NGL need at least $5m USD all IMO.
    Filing of accounts delayed due to going concern issues would be my suggestion for the suspension.

    Good luck holders, NGL should never have been allowed to list without sufficient capital.
 
watchlist Created with Sketch. Add NGL (ASX) to my watchlist
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.