A few interesting observations from QTK's latest quarterly:
1) $1,026,000 due from the underwriter of their last new issue has still not been received as at 30 June - some 2 months after the issue closed. No explanation is given.
2) The March quarterly shows $1,275,000 of loans - this would be the loan by MP. It would appear that this loan was converted to equity in the new issue - hence QTK now still have the original $2mio facility at their disposal.
Curious move to shift the debt to equity as this means MP moves lower down lower down the creditor list if QTK go belly up. In reality, if they were to fold then arguably there would be no funds to pay lenders in any event. So he hasn't lost much, but it helped to give the impression of good support for the new issue.
QTK
quiktrak networks limited
A few interesting observations from QTK's latest quarterly:1)...
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