PSZ debt levels

I've attempted to estimate PSZ's June 30 debt levels to understand what the bankers are looking at as they look to refinance the Dec 19 maturities. The good news is (assuming I am correct ;-)) the net debt level should be below $10m (excluding the CN issue as its subordinated to senior lenders). This includes full payment of the $4.2m deferred consideration (this may actually fall in H1 2020). If this is the case, this is readily bankable (<2x Debt/EBITDA) as long as they get somewhere close to their $7m FY EBITDA target. Please see my calcs below and I welcome any feedback. Nonetheless, this doesn't explain the lack of progress/announcements, as they would clearly want this sorted out by June 30 to remove the big current liability from the accounts.