DEAD MONEYFrom Hawkeye's Financials... A $282,570 Finance Fee on a $346,460 loan?????
How does the TSX allow this? Who is the fee payable to???
"Loans Payable The loans are unsecured and non-interest bearing, but can be subject to a finance fee which increases if the principal is not paid in full within 30 days of the funds being advanced.
Principal Amount Finance Fee Total Amount
May 31, 2015 $ 346,460 $ 282,570 $ 629,030
Fiscal 2016 transactions Loan # 31 10,500 2,000 12,500 Loan # 28 repayment (8,000) (3,900) (11,900)
Balance – May 31, 2016 $ 348,960 $ 280,670 $ 629,630
Fiscal 2017 transactions No transaction for the period
Balance – February 28, 2017 $ 348,960 $ 280,670 $ 629,630
As of February 28, 2017, all finance fees on the outstanding loans has been accrued."