RE:looks like higher interest costs and lower margins per busI read through the financials as well and didn't like that they are paying such a high interest rate to an insider/shareholder. Too often the venture is used to line management and their friends pockets while diluting and taking advantage of the average shareholder. It is possible that they are not able to borrow cheaper anywhere else but if you are paying 10% it tells you the lender is consider the loan risky and the company could go bankrupt before figuring out how to sell busses while being profitable.
Definitely potential here and if they can get their margins up could be a winner.