RE:$2 million loanAn unsecured debenture no less! Not sure why a cash strapped company that has to keep coming to the market would lend it out at what was a high rate then but is pretty average currently (they'd probably be getting north of 10% now for unsecured private debt). If this was to anyone other than the JV entity or their partner, it is questionable at best.
Also, they are carrying the Iron Bul shares at $0.40/share on their books. So a 60% haircut from the deemed (notional) value at the transaction date.