Nordex Explosives Ltd V.NXX

Good point goldpolka. Nota Bene PAGE 14 "has not complied...

[Bean_and_Dunn]

The company has not complied with the debt coverage ratio covenant on two major loans in total for $2.123 million. Consequently the entire principal amount has been included in the current portion of account payable.

If the lenders were to excercise their rights they could demand full payment because these covenants have been breached. Nordex could be out of business just like that.

The expenditures that you mentioned were for $152,318 for mobile equipment plus $92,046 for buildings and $79,328 for equipment. I wonder if the figure under mobile equipment included any new personal vehicles for certain sp[ecial people, or were they road transports for carrying explosives?

You will notice that even though Nordex had less revenue, and that even though we have have 2 financial controllers of late, that accounts receivable had actually increased when comparing last year's quarter to this years. So too have inventories. Heh, wake up! Get out there and knock on doors and collect on those payments. Heh control those inventories. Heh bring those debt covenants back in line. Wake up!!!

This slack attitude is typical of Jim Taylor's management style. So far the board has proved ineffective at supervising his wayward tendencies. In Taylor's mind one should create a crisis, then issue more shares to pay for bad business decisions. What the heck shareholders are sheep to be fleeced and there are always more out there to sheer. Will he try this same strategy on the Zucker family? Watch and see.

TAFN 

B&D

[Bboomer2]

Perhaps it''s more correct to refer to Jim Taylors "lack of management skils" rather than his "style" This company is bankrupt whenever the creditors decide to call the debt.   It would be interesting to know why Gannon bailed the day the 1st quarter results are issued.   Will he be thrown under the bus by Taylor?

[Bean_and_Dunn]

"No assurance can be given that such financing will be available on commercially reasonable terms. The ability of the Corporation to arrange such financing in the future will depend in part upon the reputation of management and the board of directors, the prevailing capital market conditions as well as the business performance of the Corporation. The ability of the Corporation to secure

[Bboomer2]

I wonder if the concrete drive at Mr. Taylor's residence was part of the "Buildings" Expense