RE:RE:RE:RE:RE:Amendment to Senior Credit Agreement From March 31 2022 financials:
'During the year, the Company incurred a loss from all operations of $18,004 and has a working capital deficit of $32,520 as of December 31, 2021. The Company is continuing to pursue incremental equity, to ensure that the necessary cash flows and capital structure are in place to continue to meet its obligations and achieve its business plan. In addition to that, the Company continues to work with its senior lenders to refinance its credit facilities.'
Well I can't see that this equity raise achieves sufficient to improve the situation. Any contracts they might be undertaking will continue to have lousy margins, indeed no real margins, so incremental equity raises like this one are immaterial (except some one was brave enough to do it for them), and then we have the bank lending and facilities B and C decisions looming, with EDC repayment meant to start July...pity, but it's still a financial mess from what I see.