I had a look at the financials, to save others time the mains parts are below. I think you must be referring to loan offset of $633k due to reduced wages in 2011 and 2013, noted in the 2018 annual report? I am guessing this was expensed aka written off? If so, that seems dubious to me. It appears they paid some down in the 2017 report, but that's all. They also forgave an amount on termination of an employee. IMO these loans will be lucky to ever be paid off, my understanding is also they are secured by EN1 shares.
These are past things, but I think it's a fair question to ask when they intend to pay these loans off, and why they keep getting extended, given the interest rate is so low.
Replacement Prospectus
2017 Report Forgave $108k (termination agreement), reclassed $12k to expense. Also of note the mention of vehicle lease, but my understanding is that key management are responsible for payment. There are lease liabilities in the 2018 report, in the notes, it didn't detail what was leased just says "various items of equipment and machinery", I would take it that is not expenses for a car.
2018 Report I don't get this, it seems the loan was advanced, and then offset based on reduced payroll in 2011 and 2013? Have they just expenses this? I take it this is what you were referring to Jaz?
2019 report Will see what the notes say in the annual report.
EN1 Price at posting:
1.6¢ Sentiment: None Disclosure: Not Held
