Styless wrote: truthseeker2012 wrote: So where is a copy of the financing agreement with the bank? Why don't you post it?
hey moron - it's on SEDAR. Check material reports filed on April 23rd.
It wasn't a bank who lent them the money. Banks aren't stupid. It was a fund. A fund who's chargining 10.25% interest.
You're a real moron Lieseeker.
This is what Cipher said in their last MD&A report:
As of June 30, 2015, the Company was not able to fulfill a financial covenant as stipulated under the Notes which constituted an event of default. Since the Company did not have an unconditional right to defer the settlement of the debt for at least 12 months, IFRS requires the liability to be classified as current as at June 30, 2015. The carrying amount of the debt is $33,864 as of June 30, 2015. On July 31, 2015, the Company received an irrevocable waiver of the covenant violation and as a result the lender cannot demand payment of the Notes as a result of the breach. No terms of the Notes were amended as a result of the waiver. The breach occurred due to the timing of the closing of the Innocutis acquisition on April 13, 2015 which resulted in not having a full quarter of Innocutis' results included in consolidated net revenue for the quarter. The covenant relates to consolidated net revenue for the quarter ended June 30, 2015, which was $9 million and the Company reported actual consolidated net sales of $8.835 million. The Company expects the Notes to be classified as long term under IFRS at September 30, 2015.